Management Science · 2025 · Thomas W. Bates、Fangfang Du、Jessie Jiaxu Wang
中文摘要
我们使用职业层面的计算机化概率来衡量企业以自动化资本替代劳动的能力。我们的证据表明,劳动力自动化的潜力增强了经营灵活性,使企业能够持有较少的预防性现金。为这一机制提供证据,我们将2011—2012年泰国硬盘危机作为自动化成本的外生冲击加以利用。此外,在预期工人被替代成本较低以及劳动引致的经营杠杆较高的企业中,预期自动化与现金持有之间的负向关系更强。
Abstract
Using an occupational probability of computerization, we measure a firm’s ability to replace labor with automated capital. Our evidence suggests that the potential to automate a workforce enhances operating flexibility, allowing firms to hold less precautionary cash. To provide evidence for this mechanism, we exploit the 2011–2012 Thailand hard drive crisis as an exogenous shock to the cost of automation. In addition, the negative relation between prospective automation and cash holdings is greater for firms with a lower expected cost of worker displacement and greater labor-induced operating leverage.