| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4776 |
| 来源ID | Working Paper 4776 |
| Internal versus External Capital Markets | |
| Robert H. Gertner; David S. Scharfstein; Jeremy C. Stein | |
| 发表日期 | 1994-06-01 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | This paper presents a framework for analyzing the costs and benefits of internal vs. external capital allocation. We focus primarily on comparing an internal capital market to bank lending. While both represent centralized forms of financing, in the former case the financing is owner-provided, while in the latter case it is not. We argue that the ownership aspect of internal capital allocation has three important consequences: 1) it leads to more monitoring than bank lending; 2) it reduces managers' entrepreneurial incentives; and 3) it makes it easier to efficiently redeploy the assets of projects that are performing poorly under existing management. |
| URL | https://www.nber.org/papers/w4776 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562179 |
| 推荐引用方式 GB/T 7714 | Robert H. Gertner,David S. Scharfstein,Jeremy C. Stein. Internal versus External Capital Markets. 1994. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4776.pdf（235KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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