关键词: 内部资本市场, 企业集团, 企业韧性, 外部冲击

Abstract: In recent years, the domestic and international political, economic, and social environments exhibit significant volatility, uncertainty, complexity, and ambiguity. How to improve the corporate resilience and promote the steady and healthy development of the economy has become a crucial issue. Taking A-share listed companies in China from 2008 to 2022 as samples, this paper analyzes the impact of the internal capital market on corporate resilience. The results show that the existence and operation of the internal capital market can help to improve the resilience of companies. The mechanism test reveals that internal capital markets can enhance corporate resilience by easing cash flow pressure, boosting total factor productivity, and improving operational efficiency. The heterogeneity analysis shows that the internal capital market has a more significant effect on firm resilience when economic policy uncertainty is higher. Compared with state-owned enterprises, the internal capital market plays a greater role in improving the resilience of non-state-owned enterprises. The positive effect of internal capital market is more pronounced in the samples with lower group diversification. Therefore, market-oriented mergers and acquisitions should be encouraged, and the internal capital of business groups should be actively revitalized. The internal management and operation of business groups should be standardized, and efforts should be made to establish a fair and orderly external capital market, making sure the internal and external capital markets provide robust support for enterprises jointly.

Key words: internal capital market, business group, corporate resilience, external shock