内部资本市场效率与成本粘性——来自民营企业集团的证据

Internal Capital Market Efficiency and Corporate Cost Stickiness:Evidence from Chinese Non-State-owned Business Groups

本文采用民营企业集团财务公司的经营业务数据测度内部资本市场效率,考察了内部资本市场效率对成本粘性的影响。研究发现内部资本市场效率越高,成员公司成本粘性越小。控制内生性问题之后,上述结论依然成立。这表明内部资本市场的高效率资金配置缓解了成本粘性,提高了成员公司成本管理的及时性和有效性。异质性分析表明,当成员公司融资约束越严重、管理层短视程度越低、代理成本越高时,内部资本市场效率对成本粘性的缓解作用更显著。立足民营企业集团的内部资本市场,本文丰富了成本粘性影响因素以及内部资本市场经济后果方面的文献。

Using the operating data of captive finance companies affiliated with non-state-owned business groups,we investigate the effect of internal capital market efficiency on the cost stickiness of member firms.We find that higher internal capital market efficiency is associated with a lower degree of cost stickiness.This finding holds after a series of robustness tests.Further analyses show that the effect of internal capital market efficiency on cost stickiness is stronger when member firms are under stronger financial constraints,are less likely to engage in myopic behavior,or suffer from larger agency costs.Our research enriches the understanding of the determinants of cost stickiness and the economic role of internal capital markets.