Young firms, old capital

• 成果类型: Article
• 署名作者: Ma, Song; Murfin, Justin; Pratt, Ryan
• 署名单位: Yale University; National Bureau of Economic Research; Cornell University; Brigham Young University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.09.017
• 发表日期: 2022
• 页码: 331-356
• 关键词: Entrepreneurship; Capital Reallocation; INVESTMENT

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. Meanwhile, as suppliers of used capital, incumbents accelerate capital replacement in the presence of younger firms. The evidence suggests previously undocumented benefits to co-location between old and young firms. (c) 2021 Elsevier B.V. All rights reserved.