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, installed labor force accounts for 14% to 22% of firms’ market value, physical capital accounts for 30% to 40%, knowledge capital accounts for 20% to 43%, and brand capital accounts for 6% to 25%. Our analysis provides direct empirical evidence for the importance of labor and intangible capital inputs for understanding firm value.

中文翻译：

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分解企业价值

决定公司市值的经济因素是什么？我们通过具有准固定劳动力和三种异质资本投入的广义新古典投资模型来回答这个问题。我们使用美国企业的企业级数据估计结构模型，发现平均而言，固定劳动力占企业市值的 14% 至 22%，实物资本占 30% 至 40%，知识资本占20%~43%，品牌资本占比6%~25%。我们的分析为劳动力和无形资本投入对于理解公司价值的重要性提供了直接的经验证据。