Borrowing from Employees: Wage Dynamics with Financial Constraints
分析企业财务约束如何影响工资结构、企业规模及其动态，发现受约束企业提供递增工资合约，即用未来高工资换取当前低工资，相当于向员工借款，且这类企业规模较小但增长更快。
We analyze how the financial conditions of the firm affect the compensation structure of workers, the size of the firm, and its dynamics. Firms that are financially constrained offer long-term wage contracts characterized by an increasing wage profile, that is, they pay lower wages today in exchange of higher future wages, effectively borrowing from their employees. Because constrained firms also operate at a suboptimal scale, which then increases gradually over time, we have that younger and smaller firms grow faster and pay lower wages.