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首页> 外文期刊>Journal of business & economic statistics >What Happens After an Investment Spike-Investment Events and Firm Performance
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What Happens After an Investment Spike-Investment Events and Firm Performance

机译：投资飙升 - 投资活动和公司性能后会发生什么

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摘要

Our study aims at investigating the relationship between investment spikes and subsequent productivity development at the firm level. We propose a novel identification scheme for the effects of an investment spike, using matching techniques and a tailored econometric modeling. It allows us to find efficiency differentials against matched firms in periods adjacent to the spike. We showed that TFP persistently falls after an investment spike, which is consistent with learning-by-doing models of firm decisions. As a result of capital deepening labor productivity actually rises after a spike. The capital deepening of larger firms is smaller and although the responses of TFP across size classes are similar, the labor productivity rise of smaller firms is more pronounced. Moreover, the positive correlation of responses of labor and K/L in periods after a spike shows that investments spikes induce complementarity between production factors.
机译：我们的研究旨在调查投资尖峰之间的关系和随后在公司水平的生产力发展之间的关系。 我们为使用匹配技术和量身定制的计量造型提出了一种新的识别方案，用于投资飙升的影响。 它允许我们在与峰值相邻的时期中找到针对匹配的公司的效率差异。 我们展示TFP在投资飙升后持续下降，这与逐项决策的学习模式一致。 由于资本深化劳动生产率实际上飙升后飙升。 大型公司的资本深化较小，虽然TFP划大尺寸课程的反应是相似的，但较小的公司的劳动生产率上升更加明显。 此外，在钉子之后，劳动力和k / l响应的正相关性表明投资尖峰诱导生产因素之间的互补性。

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