Two motivations of internal financing in business groups are studied using Chinese
data: cross-financing to relieve severe financing constraints, and expropriation from
minority shareholders in environments with weak corporate governance. We
document the existence of both, and discuss their implications on both the efficiency
and magnitude of intra-group financing. We find that, from the business group
perspective, the internal capital market is most efficient when the groups are well
governed and have a pressing need to mitigate external financing constraints.
Joseph P.H. Fan ;
Li Jin ;
Guojian Zheng ;
Intra-Group Financing in Business Groups: Mitigating Financing Constraint versus Expropriation （2010年03月30日）http://www.cfrn.com.cn//lw/gsjr/zbjglw/2829.htm
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