内部资本市场效率与成本粘性 - 来自民营企业集团的证据

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.