微观数据(统计)
债权人
生产力
抵押品
全要素生产率
业务
劳动力
首都(建筑)
生产(经济)
财务困境
劳动经济学
财务
货币经济学
人口普查
产业组织
经济
金融体系
经济增长
微观经济学
债务
人口学
社会学
考古
历史
人口
摘要
Abstract I use U.S. Census microdata to analyze the effect of stronger creditor rights on productivity. Following the adoption of antirecharacterization laws that give lenders greater access to the collateral of firms in financial distress, treated plants’ total factor productivity increases by 2.6%. This effect is concentrated among plants belonging to financially constrained firms. I explore the underlying mechanism and find that treated plants change the composition of their investments and their workforce toward newer capital and skilled labor. My results suggest that stronger creditor rights relax borrowing constraints and help firms adopt more efficient production technologies.
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