Capacity overhang and corporate disinvestment decisions
用随机前沿模型估算企业产能过剩，发现过剩产能与资本支出下降、长期资产耗损和资产出售正相关，但长期资产出售在中等过剩水平达到峰值后下降，归因于增长期权，并证实企业撤资存在优先顺序。
Abstract We use a stochastic frontier model to estimate a firm's capacity overhang. We find that excess capacity is positively related to a drop in new capital expenditures, an accumulation of depleted long‐term assets, and outright sales of investment assets. However, the sale of long‐term assets (property, plant, and equipment [PP&E]) peaks for intermediate levels of excess capacity and then declines. We attribute this to growth options. We test for evidence of a preference ordering in the firm's choice of responding to excess capacity and find evidence for a pecking order in firm disinvestment, where sales of long‐term assets are a measure of last resort.