Do internal capital markets in business groups mitigate firms' financial constraints?
提出内部资本市场中资本配置的新逻辑，发现生产率和可抵押收入共同驱动资金分配，融资约束集团中内部资金因乘数效应更倾向流向高可抵押收入企业，影响企业加入集团的决策。
We develop a new rationale for capital allocation in business groups’ internal capital markets. We show that productivity and pledgeable income jointly drive capital allocation within an internal capital market. In financially constrained business groups, an efficient internal capital market can allocate marginal funds to firms that have high pledgeability of income because of a multiplier effect: a dollar of internal funds generates a bigger increase in investment. This result has important implications for the business group affiliation strategy. Whether or not a financially constrained but highly productive firm will benefit from group affiliation depends on its borrowing capacity vis-à-vis other affiliates.