市场力量对资本投资和劳动力增强型创新的影响

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-30 DOI:10.1016/j.frl.2025.107438

Xinle Liu , Pengfei Luo , Yong Zhang

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引用次数: 0

摘要

考虑到市场力量对投资决策（投资规模和时机）和福利的影响，我们开发了一个资本投资和劳动力增强型创新的两阶段模型。资本规模随市场支配力的增大而减小，劳动力增强型技术投资规模随市场支配力的增大而增大。投资门槛和市场支配力之间存在倒u型关系，这是规模效应和成本效应之间的权衡结果。市场力量的增强加剧了投资不足和劳动力扭曲。市场力量的影响模棱两可，加剧了社会福利的损失。

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Impact of market power on capital investment and labor-augmenting innovations

We develop a two-stage model of capital investment and labor-augmenting innovations, considering the implications of market power on investment decisions (investment size and timing) and welfare. Capital size decreases with market power, while labor-augmenting technological investment scale increases. An inverted U-shaped relationship exists between investment thresholds and market power, resulting from a trade-off between the scale and cost effects induced. Increased market power exacerbates underinvestment and labor distortions. Market power has an ambiguous impact, exacerbating the loss of social welfare.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance