Decomposing firm value

被引：53

作者：

Belo, Frederico ^{[1
,4
]}

Gala, Vito D. ^{[2
]}

Salomao, Juliana ^{[3
,4
,5
]}

Vitorino, Maria Ana ^{[1
]}

机构：

[1] INSEAD, Fontainebleau, France

[2] Pacific Investment Management Co, Newport Beach, CA USA

[3] Univ Minnesota, Carlson Sch Management, Minneapolis, MN USA

[4] CEPR, London, England

[5] NBER, Cambridge, MA USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2022年 / 143卷 / 02期

关键词：

Valuation; Neoclassical investment; Structural estimation; Intangibles; MARKET VALUE; STOCK RETURNS; MARGINAL-Q; INVESTMENT; LABOR; MODEL;

D O I：

10.1016/j.jfineco.2021.08.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

What are the economic determinants of a firm's market value? We answer this question through the lens of a generalized neoclassical model of investment with quasi-fixed labor and three heterogeneous capital inputs. We estimate the structural model using firm-level data on US firms and find that, on average and depending on the industry, installed labor force accounts for 14-21% of firms' market value, physical capital accounts for 30-40%, knowledge capital accounts for 20-43%, and brand capital accounts for 6-25%. Our analysis provides direct empirical evidence for the importance of labor and intangible capital inputs for understanding firm value.

引用

页码：619 / 639

页数：21

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