The Journal of Finance Volume 71, Issue5, October 2016, Pages2239-3386

融資約束和工作場所安全

作者：Jonathan B. Cohn (University of Texas), Malcolm I. Wardlaw (University of Texas)

摘要：本文證實了融資摩擦對工作場所安全方面的投資存在不利影響，連帶影響工人的福利和公司價值。采用一些識别策略之後，我們發現工人受傷的比例随着杠杆率和負現金流沖擊增加，相反會随着正的現金流沖擊而減少。我們也證明了公司的價值會因工人受傷比例的增加而極大地降低。我們的發現顯示，對工人工作場所安全方面進行投資對公司融資約束有非常重要的經濟影響。

Financing Constraints and Workplace Safety

Jonathan B. Cohn (University of Texas), Malcolm I. Wardlaw (University of Texas)

ABSTRACT

We present evidence that financing frictions adversely impact investment in workplace safety, with implications for worker welfare and firm value. Using several identification strategies, we find that injury rates increase with leverage and negative cash flow shocks, and decrease with positive cash flow shocks. We show that firm value decreases substantially with injury rates. Our findings suggest that investment in worker safety is an economically important margin on which firms respond to financing constraints.

原文鍊接： http://onlinelibrary.wiley.com/doi/10.1111/jofi.12430/full

翻譯：阙江靜