财务、管理投入和分配不当

IF 8.1 1区 经济学 Q1 ECONOMICS
Chaoran Chen, A. Habib, Xiaodong Zhu
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引用次数: 0

摘要

在标准的宏观金融模型中,由于自筹资金机制,财务约束主要影响小企业或年轻企业,而不影响大企业或老企业,并且企业群体的资本边际收益产品(MRPK)的分散性不如数据中的持久性。我们通过允许公司雇佣经理来扩展标准模型,而大公司雇佣的经理不成比例地多,这与数据一致。在我们的模型中,财务约束和MRPK的分散持续存在,甚至大公司也可能受到约束。金融摩擦造成的生产力损失也大大加剧。(JEL D24、D25、G32、L25、M10、O16、P31)
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Finance, Managerial Inputs, and Misallocation
In standard macrofinance models, financial constraints mainly affect small or young firms but not large or old ones due to the self-financing mechanism, and the dispersion of marginal revenue product of capital (MRPK) of a firm cohort is less persistent than in the data. We extend a standard model by allowing firms to hire managers, and large firms hire disproportionately more managers, consistent with data. In our model, financial constraints and the dispersion of MRPK persist, and even large firms are likely to be constrained. The productivity loss from financial frictions is also substantially amplified. (JEL D24, D25, G32, L25, M10, O16, P31)
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来源期刊
自引率
0.00%
发文量
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期刊介绍: The journal American Economic Review: Insights (AER: Insights) is a publication that caters to a wide audience interested in economics. It shares the same standards of quality and significance as the American Economic Review (AER) but focuses specifically on papers that offer important insights communicated concisely. AER: Insights releases four issues annually, covering a diverse range of topics in economics.
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