Real Asset Illiquidity and the Cost of Capital
Real Asset Illiquidity and the Cost of Capital
复制标题
实物资产流动性不足和资本成本
DOI：
10.1017/s0022109014000210
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发表时间：
2012
影响因子：
3.9
通讯作者：
G. Phillips
中科院分区：
文献类型：
--
作者：
Hernán Ortiz;G. Phillips
摘要我们证明了具有更多非流动性真实的资产的公司具有更高的资本成本。当真实的流动性不足来自行业内收购活动的减少时，这种影响会更强。真实的资产流动性不足会使那些面临更多竞争、更难获得外部资本或更接近违约的公司以及那些面临负面需求冲击的公司的资本成本增加得更多。真实的资产流动性不足的影响不同于公司股票流动性不足或系统性流动性风险的影响。这些结果表明，真实的资产流动性不足降低了企业的经营灵活性，并通过这一渠道降低了企业的资本成本。
Abstract We show that firms with more illiquid real assets have a higher cost of capital. This effect is stronger when real illiquidity arises from lower within-industry acquisition activity. Real asset illiquidity increases the cost of capital more for firms that face more competition, have less access to external capital, or are closer to default, and for those facing negative demand shocks. The effect of real asset illiquidity is distinct from that of firms’ stock illiquidity or systematic liquidity risk. These results suggest that real asset illiquidity reduces firms’ operating flexibility and through this channel their cost of capital.