Asset Specificity of Nonfinancial Firms
构建新数据集研究非金融企业资产专用性，发现固定资产清算价值平均仅为账面净值的35%，且资产物理属性是关键决定因素，高专用性导致更少撤资和更强的不确定性影响。
Abstract We develop a new data set to study asset specificity among nonfinancial firms. Our data cover the liquidation values of each category of assets on firms’ balance sheets and provides information across major industries. First, we find that nonfinancial firms have high asset specificity. For example, the liquidation value of fixed assets is 35% of the net book value in the average industry. Second, we analyze the determinants of asset specificity and document that assets’ physical attributes (e.g., mobility, durability, and customization) play a crucial role. Third, we investigate several implications. Consistent with theories of investment irreversibility, high asset specificity is associated with less disinvestment and stronger effects of uncertainty on investment activities. We also find that the increasing prevalence of intangible assets has not significantly reduced firms’ liquidation values.