Ownership, Internal Capital Markets, and Cash Holdings

被引：10
|
作者：
Wang, Zhenkung [1 ]
Wang, Yanping [2 ]
机构：
[1] Najing Univ Finance & Econ, Sch Accounting, Nanjing, Jiangsu, Peoples R China
[2] Tongji Univ, Sch Econ & Management, Tongji Bldg,1239 Siping Rd, Shanghai 200092, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2019年 / 55卷 / 07期
关键词：
cash holdings; internal capital market; non-operating funds; ownership; CORPORATE GOVERNANCE; FINANCE; COST;
D O I：
10.1080/1540496X.2018.1553710
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Chinese rapid economy development and financial market is not coordinated, so distortions exist in the allocation of credit resources, which often occurs via internal capital markets (ICMs). This article studies the effects of ICMs in China on the distribution of cash resources to enterprises based on operating data of ICM, finding that ICM can significantly reduce cash holdings, especially for private enterprises. Further dividing internal financial transactions by its nature, it is found that non-operating transactions with financing nature can play a significant role in reducing the level of cash holdings.
引用
收藏
页码：1656 / 1668
页数：13
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