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首页> 外文期刊>The quarterly review of economics and finance >The efficiency of internal capital markets: Evidence from the Annual Capital Expenditure Survey
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The efficiency of internal capital markets: Evidence from the Annual Capital Expenditure Survey

机译：内部资本市场的效率：来自年度资本支出调查的证据

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摘要

Does firm diversity result in an efficient or inefficient allocation of capital? Are diversified firms "value creating" or "value destroying"? We apply a panel data model to examine the relationship between firm diversity and firm value using both COMPUSTAT and the Annual Capital Expenditure Survey (ACES) data. Our main empirical result confirms that firm diversity is negatively related to the efficiency of investment (firm value), which is consistent with the majority findings of recent studies. However, once we distinguish between capital expenditure for structures and equipment, we find that while firms do inefficiently allocate capital for equipment, they efficiently allocate capital for structures. These results suggest that when the decision has long-lasting repercussions, headquarters will, more often than not, make the correct choice.
机译：企业多样性会导致有效或无效的资本分配吗？多元化的公司是“创造价值”还是“破坏价值”？我们使用面板数据模型使用COMPUSTAT和年度资本支出调查（ACES）数据来检验企业多样性与企业价值之间的关系。我们的主要实证结果证实，企业多元化与投资效率（公司价值）负相关，这与近期研究的多数发现是一致的。但是，一旦我们区分了用于结构和设备的资本支出，就会发现尽管公司确实没有效率地为设备分配资本，但它们却有效地为结构分配了资本。这些结果表明，当该决定具有长期影响时，总部往往会做出正确的选择。

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