企业融资以及对劳动力和资本的相对需求

IF 1.9 3区经济学 Q2 ECONOMICS

Journal of Economic Dynamics & Control Pub Date : 2024-08-30 DOI:10.1016/j.jedc.2024.104946

Khalid ElFayoumi

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引用次数: 0

摘要

本文利用 2003 年至 2019 年期间对 100 多万家欧洲中小型企业的企业年观测数据，介绍了企业对劳动力和资本的相对需求随着其资本结构适应 2008 年危机事件而演变的新的典型事实。本文还提供了微观层面的证据，证明当融资成本上升时，企业会用资本替代劳动力。实证证据支持这样的假设，即替代是由提高可抵押资本持有量的激励因素驱动的。企业融资成本外生变化的识别依赖于欧洲央行货币政策意外对整个企业分布中融资成本的异质性影响。

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Firm financing and the relative demand for labor and capital

Using more than one million firm-year observations of small and medium European firms between 2003 and 2019, this paper introduces new stylized facts on how firms' relative demand for labor and capital evolved as their capital structure adjusted to the events of the 2008 crisis. It also provides micro-level evidence that firms substitute capital for labor when financing costs rise. The empirical evidence lends support to the hypothesis that substitution is driven by an incentive to raise holdings of collateralizable capital. Identification of exogenous variations in firm financing costs relies on the heterogeneous effects of ECB monetary policy surprises on financing costs across the firm distribution.

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来源期刊

Journal of Economic Dynamics & Control ECONOMICS-

CiteScore

3.10

自引率

10.50%

发文量

199

期刊介绍： The journal provides an outlet for publication of research concerning all theoretical and empirical aspects of economic dynamics and control as well as the development and use of computational methods in economics and finance. Contributions regarding computational methods may include, but are not restricted to, artificial intelligence, databases, decision support systems, genetic algorithms, modelling languages, neural networks, numerical algorithms for optimization, control and equilibria, parallel computing and qualitative reasoning.