Abstract

Firms affiliated with business groups survive the stress of the global financial and euro crises better than unaffiliated firms. Using granular data from Italy, we show that better performance stems partly from access to an internal capital market, as the survival value of group-affiliated firms increases with group-wide cash flow. Internal cash transfers increase when banks’ health deteriorates, with funds moving from cash-rich to cash-poor firms and, some evidence suggests, to firms with favorable investment opportunities. Internal capital markets’ role thus increases when external markets (banks) are distressed.

中文翻译：

---

危机时期的内部资本市场：集团隶属关系的好处*

摘要

与业务团体有关联的公司比无关联的公司更能承受全球金融和欧元危机的压力。使用来自意大利的细粒度数据，我们发现更好的业绩部分归因于内部资本市场的进入，因为集团下属公司的生存价值随着集团范围内现金流量的增加而增加。当银行的健康状况恶化时，内部现金转移会增加，资金从现金充裕的公司转向现金匮乏的公司，并且有证据表明，资金流向了拥有有利投资机会的公司。因此，当外部市场（银行）陷入困境时，内部资本市场的作用就会增强。