| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12618 |
| DP12618 The (Self-) Funding of Intangibles | |
| Enrico Perotti; Robin Döttling | |
| 发表日期 | 2018-01-18 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We model how technological change leads to a shift in corporate investment towards intangible capital, and test its implications for corporate financial policy. While tangible assets can be purchased and funded externally, most intangible capital is created by skilled workers investing their human capital, so it requires lower upfront outlays. Indeed, U.S. high-intangibles firms have larger free cash flows and lower total investment spending, and do not appear more financially constrained. We model and test how these firms optimally retain cash for both a precautionary as well as a retention motive. The optimal reward for risk-averse human capital involves deferred compensation and a commitment to retain cash. High-intangibles firms also should favor a payout policy of repurchases over dividends to avoid penalizing unvested claims. Our empirical evidence supports these predictions. |
| 主题 | Financial Economics |
| 关键词 | Technological change Intangible assets Cash holdings Human capital Corporate leverage Equity grants Deferred equity Share vesting |
| URL | https://cepr.org/publications/dp12618 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541430 |
| 推荐引用方式 GB/T 7714 | Enrico Perotti,Robin Döttling. DP12618 The (Self-) Funding of Intangibles. 2018. |
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