Asset Specificity of Nonfinancial Firms
Asset Specificity of Nonfinancial Firms
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非金融企业的资产专用性
DOI：
10.1093/qje/qjac030
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发表时间：
2022
期刊：
影响因子：
--
通讯作者：
Ma, Yueran
中科院分区：
文献类型：
--
作者：
Kermani, Amir;Ma, Yueran
我们开发了一个新的数据集来研究非金融企业的资产专用性。我们的数据涵盖了公司资产负债表上各类资产的清算价值，并提供了各主要行业的信息。首先，我们发现，非金融企业具有较高的资产专用性。例如，固定资产的清算价值是平均行业账面净值的35%。其次，我们分析了资产专用性的决定因素，并记录了资产的物理属性（例如，移动性、耐用性和定制化）发挥着至关重要的作用。第三，我们研究几个影响。与投资不可逆性理论相一致，高资产专用性与较少的撤资和更强的不确定性对投资活动的影响有关。我们还发现，无形资产的日益普及并没有显着降低企业的清算价值。
We develop a new data set to study asset specificity among nonfinancial firms. Our data cover the liquidation values of each category of assets on firms’ balance sheets and provides information across major industries. First, we find that nonfinancial firms have high asset specificity. For example, the liquidation value of fixed assets is 35% of the net book value in the average industry. Second, we analyze the determinants of asset specificity and document that assets’ physical attributes (e.g., mobility, durability, and customization) play a crucial role. Third, we investigate several implications. Consistent with theories of investment irreversibility, high asset specificity is associated with less disinvestment and stronger effects of uncertainty on investment activities. We also find that the increasing prevalence of intangible assets has not significantly reduced firms’ liquidation values.