流动资金作为竞争优势：无形资产的作用

IF 4 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2025-09-19 DOI:10.1016/j.jinteco.2025.104168

Carlo Altomonte , Monica Morlacco , Tommaso Sonno , Domenico Favoino

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引用次数: 0

摘要

我们表明，短期流动性可以通过使企业投资于无形资产而成为竞争优势的来源。我们的分析利用了法国的一项改革，该改革限制了贸易信贷合同中的付款延迟，这在制造业企业的企业流动性中产生了准实验性的变化。较高的流动性导致无形资产的投资显著增加，这反过来又提高了利润率和市场份额。这些结果表明，流动性在塑造企业绩效方面具有战略作用，表明初始财务状况可以对生产率和市场结构产生持久影响。

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Liquidity as competitive advantage: The role of intangibles

We show that short-term liquidity can be a source of competitive advantage by enabling firms to invest in intangible assets. Our analysis leverages a French reform that capped payment delays in trade credit contracts, which generated quasi-experimental variation in corporate liquidity across manufacturing firms. Higher liquidity led to significantly greater investment in intangibles, which, in turn, raised markups and market shares. These results suggest a strategic role for liquidity in shaping firm performance, indicating that initial financial conditions can have lasting effects on productivity and market structure.

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来源期刊

Journal of International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.