Prior research shows that technology spillovers across firms increase innovation, productivity and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater technology spillovers lead to higher leverage. This is the result of technology spillovers increasing asset redeployability, as evidenced by more collateralized borrowing and asset transactions. Borrowing costs also decrease. Exogenous variation in the research and development tax credits of other firms allows us to identify the causal effect of technology spillovers on a given firm.

中文翻译：

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技术溢出、资产可重新部署和公司财务政策

先前的研究表明，跨公司的技术溢出会增加创新、生产力和价值。我们研究公司如何为受技术同行公司的技术溢出刺激的自身增长融资。我们发现更大的技术溢出会导致更高的杠杆作用。这是技术溢出增加资产重新部署能力的结果，更多抵押借贷和资产交易证明了这一点。借贷成本也下降。其他公司研发税收抵免的外生变化使我们能够确定技术溢出对特定公司的因果影响。