Across a broad range of equipment types and industries, we document a pattern of local capital reallocation from older firms to younger firms. Start-ups purchase a disproportionate share of old physical capital previously owned by more mature firms. The evidence is consistent with financial constraints driving differential demand for vintage capital. The local supply of used capital influences start-up entry, job creation, investment choices, and growth, particularly when capital is immobile. Meanwhile, as suppliers of used capital, incumbents accelerate capital replacement in the presence of younger firms. The evidence suggests previously undocumented benefits to co-location between old and young firms.

在广泛的设备类型和行业中，我们记录了从老公司到年轻公司的本地资本重新分配模式。初创企业购买了以前由更成熟的公司拥有的旧有形资本的不成比例的份额。证据与推动对老式资本的不同需求的金融约束是一致的。本地已用资本的供应会影响初创企业的进入、创造就业机会、投资选择和增长，尤其是在资本不流动的情况下。同时，作为旧资本的提供者，现有企业在年轻企业的参与下加速资本置换。证据表明，旧公司和年轻公司之间的协同办公有以前未记录的好处。