While businesses require funding to start and grow, they also rely on human capital, which affects how they raise funds. Labor market frictions make financing labor different than financing capital...

中文翻译：

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资本结构与企业员工

尽管企业需要资金才能启动和发展，但它们也依赖于人力资本，这会影响他们筹集资金的方式。劳动力市场的摩擦使为劳动力筹集资金不同于为资本筹集资金。