商业集团溢出效应

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-07-20 DOI:10.1093/rfs/hhad057

S Lakshmi Naaraayanan, Daniel Wolfenzon

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引用次数: 0

摘要

我们比较了各地区独立公司在受到积极冲击后的投资与大型公路开发项目产生的投资机会。研究表明，在商业集团密度较高的地区，独立企业的投资敏感性较低。我们调查了驱动我们结果的机制，并找到了对一种融资机制的支持，即银行在应对信贷需求增加时优先将资本分配给集团附属公司。总体而言，我们的研究表明，企业集团对独立企业具有溢出效应。

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Business Group Spillovers

We compare the investment of standalone firms across regions after a positive shock to the investment opportunities generated by a large-scale highway development project. We show that the standalones' investment sensitivity is lower in regions with a higher density of business groups in the local area. We investigate mechanisms driving our results and find support for a financing mechanism whereby banks allocate capital preferentially to group-affiliated firms in responding to the increase in credit demand. Overall, our study documents that business groups have spillover effects on standalone firms.

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.