Technology spillovers, asset redeployability and corporate financial policies
研究发现技术同行企业的技术溢出会提高公司杠杆率，原因是技术溢出增强了资产的可重新部署性，表现为抵押借款和资产交易增加，同时借款成本下降。
Abstract Prior research shows that technology spillovers across firms increase innovation, productivity and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater technology spillovers lead to higher leverage. This is the result of technology spillovers increasing asset redeployability, as evidenced by more collateralized borrowing and asset transactions. Borrowing costs also decrease. Exogenous variation in the research and development tax credits of other firms allows us to identify the causal effect of technology spillovers on a given firm.