Capital and Labor Reallocation within Firms
研究发现，当一家工厂的投资机会出现正向冲击时，如果企业面临融资约束，总部会从其他工厂（尤其是低生产率、非核心行业、距离远的工厂）调拨资本和劳动力，从而提升企业整体生产率。
ABSTRACT We document how a positive shock to investment opportunities at one plant (“treated plant”) spills over to other plants within the same firm, but only if the firm is financially constrained. To provide the treated plant with resources, the firm's headquarters withdraws capital and labor from other plants, especially plants that are relatively less productive, not part of the firm's core industries, and located far away from headquarters. As a result of the resource reallocation, aggregate firm‐wide productivity increases. We do not find evidence of capital or labor spillovers among plants of financially unconstrained firms.