| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29189 |
| 来源ID | Working Paper 29189 |
| Young Firms, Old Capital | |
| Song Ma; Justin Murfin; Ryan D. Pratt | |
| 发表日期 | 2021-08-30 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Across a broad range of equipment types and industries, we document a pattern of local capital reallocation from older firms to younger firms. Start-ups purchase a disproportionate share of old physical capital previously owned by more mature firms. The evidence is consistent with financial constraints driving differential demand for vintage capital. The local supply of used capital influences start-up entry, job creation, investment choices, and growth, particularly when capital is immobile. Conversely, incumbents accelerate capital replacement in the presence of more young firms. The evidence suggests previously undocumented benefits to co-location between old and young firms. |
| 主题 | Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior ; Regional and Urban Economics ; Regional Economics |
| URL | https://www.nber.org/papers/w29189 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586862 |
| 推荐引用方式 GB/T 7714 | Song Ma,Justin Murfin,Ryan D. Pratt. Young Firms, Old Capital. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29189.pdf（907KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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