企業之內部資本市場對投資效率的影響

Abstract

過去研究推論企業可以藉由降低投資與現金流量的敏感度來改善投資效率，卻尚未針對是要增加還是減少投資來改善其投資效率。在本篇文章中，我們檢視內部資本市場如何直接影響投資效率。我們發現企業之內部資本市場因其融資優勢確實提高了企業投資的效率。研究結果證明企業受益內部資本市場程度愈高的企業，其投資不足(過度投資)的情況較不嚴重。同時，控制權與現金流量權偏離程度較高的公司較可能偏離預期的投資水準而導致過度投資。最後，藉由此篇論文，增加了我們對於內部資本市場如何影響投資效率的見解。

Prior studies suggest that firms’ investment efficiency decrease in investment-cash flow sensitivities; however, they leave an unaddressed question about how investment efficiency is improved through mitigating over- or under-investment. In our study, we directly investigate how internal capital markets relate to investment efficiency. Our findings show that firms with internal capital markets characterized by financing advantages lead to an improvement on investment efficiency. We also show that internal capital markets are negatively (positively) associated with investment among firms with higher likelihood of over-invest (under-invest). Meanwhile, firms with higher deviation of controlling right from cash flow right will deviate more from predicted investment levels leading to overinvestment. Finally, our study enhances our insight on how internal capital markets affect investment improvement through financing advantage.