Skilled Labor Mobility and Firm Value: Evidence from Green Card Allocations
研究美国绿卡申请过程对技能工人流动性的限制如何影响企业价值，发现放松流动性约束会降低企业价值，尤其对劳动调整成本高的企业影响更大，表明对技能工人的垄断租金是企业估值的重要经济因素。
Abstract This paper studies how the labor market frictions of skilled workers affect corporate valuation. The analysis features immigrant workers’ mobility constraints imposed by the U.S. green card application process and exploits exogenous variations caused by imperfections in the current immigration system. The study finds that relaxing mobility constraints negatively influences firm value. This effect is stronger for firms with higher labor adjustment costs. Reductions in investments and increases in labor costs are channels through which labor mobility adversely affects firm value. The findings suggest that monopoly rent over skilled workers is an important economic determinant of corporate valuation.