Does Strategy Deviance Influence the Vitality and Function of Internal Capital Market——An Empirical Study on Chinese A-share Listed Companies

Abstract

Abstract: The paper uses companies listed in Chinese A-stock market during 2008-2016 as an example to examine the relationship between strategic deviance and internal capital market vitality firstly. It is found that strategic deviance influences internal capital market vitality. The greater the strategic deviance is, the greater the vitality will be. Secondly, we examine the difference of their relationship in companies with different property rights and come to the conclusion that non-state-owned listed companies show stronger positive relationship of strategic deviance with vitality of internal capital markets. Thirdly, the paper tests the influence of strategic deviance to the function of internal capital market and finds that internal capital market can relieve financing constraints for companies with great strategic deviance while the function of relieving financing constraints is not obvious for companies with little strategic variety.

Key words: internal capital market, capital allocation, strategic deviance, property right, financing constraint

Liu Jing, Chen Zhibin. Does Strategy Deviance Influence the Vitality and Function of Internal Capital Market——An Empirical Study on Chinese A-share Listed Companies[J]. Management Review, 2020, 32(8): 269-280.

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