Family Business Group Expansion Through IPOs: The Role of Internal Capital Markets in Financing Growth While Preserving Control
基于44国数据，研究发现家族企业集团利用内部资本市场孵化难以融资的项目，帮助其快速扩张并成功上市，尤其在控制权担忧和外部融资障碍高时作用显著。
Using data from 44 countries, we document a new channel through which a family business group’s internal capital market supports its members. We find that groups use internal capital to incubate difficult-to-finance projects, making it feasible for them to rapidly scale up, thus facilitating their initial public offering (IPO) market access. This IPO support role is particularly valuable when groups find capital-raising through seasoned equity offerings less attractive because of control-retention concerns and in capital markets with high new-firm financing barriers. Unlike carve-outs employed as a corporate restructuring strategy, group-affiliated IPOs primarily appear to serve a group’s expansion goals rather than its liquidation needs. This paper was accepted by Gustavo Manso, finance.