Creditor Rights, Technology Adoption, and Productivity: Plant-Level Evidence
利用美国人口普查微观数据，研究发现加强债权人权利（通过反特征化法律）使受影响的工厂全要素生产率提高2.6%，且该效应集中在财务受限的企业中，机制是工厂转向更新资本和技能劳动力。
Abstract I use U.S. Census microdata to analyze the effect of stronger creditor rights on productivity. Following the adoption of antirecharacterization laws that give lenders greater access to the collateral of firms in financial distress, treated plants’ total factor productivity increases by 2.6%. This effect is concentrated among plants belonging to financially constrained firms. I explore the underlying mechanism and find that treated plants change the composition of their investments and their workforce toward newer capital and skilled labor. My results suggest that stronger creditor rights relax borrowing constraints and help firms adopt more efficient production technologies.