内部资金分配和股权结构以韩国企业集团为例【外文翻译】

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1、外文翻译原文InternalFundsAllocationandtheOwnershipStructure:EvidencefromKoreanBusinessGroupsMaterialSource:ReviewofQuantitativeFinanceandAccountingAuthor:ByungmoKim,KooyulJungAbstract.Weexaminetherelationshipbetweenthecontrollingshareholder’scashflowrightsandthefundstransferintheinter

2、nalcapitalmarketwithinKoreanbusinessgroups(chaebols)duringtheperiodfrom1998to2001.Wefindthatthefundsallocationinthefirmswherecontrollingshareholdershavehighcashflowrightsisbetteralignedwiththeinvestmentopportunitiesandtherefore,moreefficientthaninthefirmswheretheyhavelowcashflow

3、rights.Thiseffectisstrongerwhentheyhavecontrollingpowerslargeenoughtoexpropriateminorityshareholders.However,duringthefinancialcrisisperiod,fundssimplymovetowardthefirmswherecontrollingshareholdershavehighcashflowrights.Theresultsevidencethetunnelingbehaviorintheinternalcapitalm

4、arketwithinachaebolthattheownershipstructuredistortstheallocationofinternalfundsinsuchawayastobenefitthecontrollingshareholders.IntroductionRecently,manystudiesexaminedfundsallocationintheinternalcapitalmarketinthediversifiedcompaniesinrelationtothediversificationdiscount.Howeve

5、r,fewstudiesexaminethecapitalallocationbehaviorwithintheinternalcapitalmarket.Asevidenceoftheinefficientallocationbehaviorintheinternalcapitalmarket,Rajan,ServaesandZingales(hereafterRSZ)(2000)suggestthatinternalpowerstrugglesbetweensegmentmanagersdistorttheallocationofresources

6、whendiversityinresourcesandopportunitiesarehigh.ScharfsteinandStein(2000)arguethatdivisionalrentseekingbehaviorbysegmentmanagerscausesinefficientfundsallocationindiversifiedfirms.Theycallthefactthatweakerdivisionsgetsubsidizedbystrongeronesascapitalallocationsocialism.Incontrast

7、totheinefficientaspectoftheinternalcapitalmarket,Stein(1997)arguesthatwinner-pickingbehaviorimprovestheefficiencyofcapitalallocationandcontributestovaluecreationindiversifiedfirms.Thisstudyexamineswhetherthetunnelingbehaviorexistsintheinternalcapitalmarketwithinabusinessgroup(ch

8、aebol)inKorea.Thecontrollingownerofabusinessgro