流动性意外之财和再分配:来自农业和水力压裂的证据

Richard T. Thakor
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引用次数: 3

摘要

融资摩擦可能造成市场上资产的错配,从而抑制产出、生产率和资产价值。本文从实证角度探讨了流动性冲击如何产生减少这种错配的再配置。利用一组独特的农业结果数据,我探讨了农民如何通过与农业基本面无关的流动性冲击来应对金融约束的放松,即由水力压裂(水力压裂)租赁扩张引起的外源性现金流入。经历正现金流冲击的农民增加了土地购买,这导致了再分配效应。通过考察不同地区的购买情况,我发现在高生产率地区受到现金流冲击的农民会购买低生产率地区的农田,而在低生产率地区受到正现金流冲击的农民则不会购买。此外,农民增加了对空置(未开发)土地的购买。在这些正现金流冲击之后,平均产出、生产率、设备投资和利润都显著增加。农田价格也大幅上涨,与市场现金定价效应一致。这些影响与有效地将土地重新分配给生产力更高的用户是一致的。这篇论文被财经的泰勒·沙姆威接受了。资助:本研究由Kritzman and Gorman研究基金资助。补充材料:在线附录可在https://doi.org/10.1287/mnsc.2022.4602上获得。
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Liquidity Windfalls and Reallocation: Evidence from Farming and Fracking
Financing frictions may create a misallocation of assets in a market, thus depressing output, productivity, and asset values. This paper empirically explores how liquidity shocks generate a reallocation that diminishes this misallocation. Using a unique data set of agricultural outcomes, I explore how farmers respond to a relaxation of financial constraints through a liquidity shock unrelated to farming fundamentals, namely exogenous cash inflows caused by an expansion of hydraulic fracturing (fracking) leases. Farmers experiencing positive cash flow shocks increase their land purchases, which results in a reallocation effect. Examining purchases across areas, I find that farmers in high-productivity areas who receive cash flow shocks buy farmland in low-productivity areas, but farmers in low-productivity areas receiving positive cash flow shocks do not. Moreover, farmers increase their purchases of vacant (undeveloped) land. Average output, productivity, equipment investment, and profits all increase significantly following these positive cash flow shocks. Farmland prices also rise significantly, consistent with a cash-in-the-market pricing effect. These effects are consistent with an efficient reallocation of land toward more productive users. This paper was accepted by Tyler Shumway, finance. Funding: This work was supported by the Kritzman and Gorman Research Fund Grant. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2022.4602 .
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