雖然許多實證文獻都發現:多角化企業的股價水準相對地低於其他未多角化企業,學者將此多角化折價(Diversification Discount)現象歸因於多角化企業內部的資金配置無效率。然而亦有其他學者指出:多角化企業可以透過集團內部的資金移轉來創造價值,因為集團成員之間相互融資可以減少對外融資的依賴,因而可以避免因金融市場資訊不對稱而引起的對外融資問題,學者將此稱為「內部資本市場假說」(Internal Capital Market Hypothesis)。本研究以台灣上市的多角化企業集團為樣本,探討集團子公司之營業現金流量變動與其投資支出的影響,藉以探討內部資本市場假說之有效性。本文的初步研究結果發現:多角化集團企業個別成員的投資支出對其現金流量變動的反應相對較不敏感,隱含集團成員之間確實存在一個內部資本市場。儘管如此,本研究結果發現:多角化集團企業的投資績效相對低於其他非多角化企業,顯示集團企業的內部資本市場的無效率,無法確保集團內部資金的最適配置。此外,我們也發現:非家族集團企業、從事相關多角化的集團企業與成員營運績效差異較小的多角化集團,其內部資本市場無效率的現象特別明顯。
In this paper, we test the internal capital market hypothesis by examining the effect of changes of a firm’s operating cash flows on its investment expenditures. We find that the investment expenditures of the subsidiaries of diversified conglomerates firms had reacted less sensitively to the fluctuation of its operation cash flows than stand-alone companies. This implies that most of the investment of subsidiaries in a diversified conglomerate may be financed through an internal capital market rather than an external capital market. However, we found evidences implying that the internal capital markets within the diversified conglomerates did not allocated capital efficiently. Beside, we also found that in the case of non-family-founding ownership, unrelated diversification and conglomerate with similar performed affiliates, the problem of inefficiency of internal capital market were apparently more severe.