Internal vs. External Markets

内部市场与外部市场

• 批准号: 0079176
• 负责人: David Scharfstein
• 金额: $ 18.61万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 2000
• 资助国家: 美国
• 起止时间: 2000-07-15 至 2006-06-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0079176&HistoricalAwards=false
• 关键词: Internal; vs.; External; Markets

This project is a theoretical and empirical investigation of the differences between internal and external product, capital and labor market transactions and the implications of these differences for firm behavior. The first project seeks to understand why some new business ventures are undertaken by established firms, while others are undertaken by start-up firms. The model presents an answer based on a key difference in the functioning of internal and external labor markets, namely the ability of internal labor markets to redeploy workers in the firm to other projects in the firm if the new venture fails. The model will then be used to analyze the level and efficiency of new firm formation; the characteristics of employees at new and established firms; and the type of work employees undertake at the two types of firms.The second project (joint with Sendhil Mullainathan, Department of Economics, MIT) seeks to understand the effects of vertical integration. If integration has no real effects, integrated and non-integrated firms should respond in the same way to external market shocks. This study examines whether this is indeed the case by analyzing the investment behavior of integrated and non-integrated petrochemical producers using a comprehensive 25-year database of over 4000 U.S. petrochemical plants. The preliminary results suggest that capacity investments by integrated firms are less sensitive than non-integrated firms to market shocks. The project considers several competing explanations of these findings, and outlines an empirical strategy for distinguishing among them.

这个项目是一项关于内部和外部产品、资本和劳动力市场交易的差异以及这些差异对企业行为的影响的理论和实证调查。第一个项目试图了解为什么一些新的商业项目是由老牌公司承担的，而另一些则是由初创公司承担的。该模型给出了一个基于内部和外部劳动力市场运行的关键差异的答案，即如果新企业失败，内部劳动力市场将公司内的工人重新分配到公司其他项目的能力。然后，该模型将被用来分析新公司组建的水平和效率；新公司和老牌公司员工的特征；以及员工在这两类公司从事的工作类型。第二个项目(与麻省理工学院经济系Sendhil Mullainathan合作)试图了解垂直整合的影响。如果整合没有真正的效果，整合和非整合的企业应该以同样的方式应对外部市场冲击。这项研究通过使用美国4000多家石化工厂25年来的综合数据库分析综合和非综合石化生产商的投资行为，来检验情况是否属实。初步结果表明，整合企业的产能投资对市场冲击的敏感度低于非整合企业。该项目考虑了对这些发现的几种相互矛盾的解释，并概述了区分它们的经验策略。