Real Asset Illiquidity and the Cost of Capital
研究发现，实物资产流动性较差的公司资本成本更高，这种效应在行业内收购活动较少时更强，且对竞争激烈、外部融资受限或濒临违约的公司影响更大。
Abstract We show that firms with more illiquid real assets have a higher cost of capital. This effect is stronger when real illiquidity arises from lower within-industry acquisition activity. Real asset illiquidity increases the cost of capital more for firms that face more competition, have less access to external capital, or are closer to default, and for those facing negative demand shocks. The effect of real asset illiquidity is distinct from that of firms’ stock illiquidity or systematic liquidity risk. These results suggest that real asset illiquidity reduces firms’ operating flexibility and through this channel their cost of capital.