Using exogenous shocks on the ability to issue seasoned equity offerings (SEOs), we show SEOs lead to a higher employee skill composition, i.e., a lower (higher) proportion of low (high) skilled workers. Low-skilled workers decrease more than high-skilled workers increase, leading to lower firm-level employment. These effects are more significant when firms invest more in technology following SEOs and face greater financial constraints before SEOs, suggesting SEOs relieve budget constraints on technology investments. These findings demonstrate that while external equity financing helps upgrade technology to improve productivity, it has a dark side for low-skilled workers.

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外部融资、技术变革和员工

利用对发行经验丰富的股票发行 (SEO) 能力的外生冲击，我们发现 SEO 会导致更高的员工技能构成，即低（高）技能工人比例更低（更高）。低技能工人的减少超过高技能工人的增加，导致企业层面的就业率下降。当企业在 SEO 后加大技术投资并在 SEO 前面临更大的财务限制时，这些影响更为显着，这表明 SEO 缓解了技术投资的预算限制。这些发现表明，虽然外部股权融资有助于升级技术以提高生产率，但它对于低技能工人来说也有其阴暗面。