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

融资约束和工作场所安全

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

摘要：本文证实了融资摩擦对工作场所安全方面的投资存在不利影响，连带影响工人的福利和公司价值。采用一些识别策略之后，我们发现工人受伤的比例随着杠杆率和负现金流冲击增加，相反会随着正的现金流冲击而减少。我们也证明了公司的价值会因工人受伤比例的增加而极大地降低。我们的发现显示，对工人工作场所安全方面进行投资对公司融资约束有非常重要的经济影响。

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.

原文链接： http://onlinelibrary.wiley.com/doi/10.1111/jofi.12430/full

翻译：阙江静