Do financial factors affect the capital–labour ratio? Evidence from UK firm-level data
Do financial factors affect the capital–labour ratio? Evidence from UK firm-level data
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来自英国公司层面数据的证据是否受到财务因素的影响？
DOI：
10.1016/j.jbankfin.2009.05.010
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发表时间：
2009
影响因子：
3.7
通讯作者：
Marina‐Eliza Spaliara
中科院分区：
文献类型：
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作者：
Marina‐Eliza Spaliara
本文分析了企业的资本劳动比是如何受到现金流，杠杆和抵押品，以及这种影响如何不同的公司更多和更少可能面临融资约束，使用丰富的英国公司层面的数据集。这是常见的文献审查的影响，财务约束的雇用和解雇的决定，从他们的影响有关的决定，在实物资本的投资。我们认为，只要企业在生产中使用这两种投入，并且它们之间存在某种替代性，就需要对这两种决策进行联合分析。当我们区分不同的企业或多或少的财务约束，我们发现，前者组表现出更高的敏感性，资本劳动比企业的具体特征相比，后者。
This paper analyses how firms’ capital–labour ratio is affected by cash flow, leverage, and collateral, and how this effect differs at firms more and less likely to face financing constraints using a rich UK firm-level data set. It is common in the literature to examine the impact of financial constraints on hiring and firing decisions separately from their impact on decisions related to investment in physical capital. We argue that as long as firms use both inputs in production and there is some substitutability between them, the two decisions need to be jointly analysed. When we differentiate across firms that are more or less financially constrained, we find that the former group exhibits higher sensitivities of the capital–labour ratio to firm-specific characteristics compared to the latter.