我们研究了在葡萄牙部分高速公路引入通行费的准实验之后，公司层面对运输成本大幅增加的反应。利用包含葡萄牙私营企业的独特数据集，我们发现引入通行费导致营业额大幅下降（−10.2%) 和生产力 (−4.3%) 在被处理的公司中相对于比较组中的公司。作为对通行费的回应，公司大幅削减了与就业相关的开支和其他投入品的采购。裁员和平均工资下降都降低了劳动力成本。虽然公司没有增加库存，但有一些证据表明公司退出增加，特别是贸易部门的公司。

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We study the firm-level responses to a substantial increase in transportation costs in the wake of a quasi-experiment that introduced tolls in a subset of Portuguese highways. Exploiting a unique dataset encompassing the universe of Portuguese private firms, we find that the introduction of tolls caused a substantial decrease in turnover (−10.2%) and productivity (−4.3%) in treated firms vis-à-vis firms in the comparison group. In response to the tolls, firms substantially cut employment-related expenses and purchases of other inputs. Labor costs were reduced by both employment cuts and a decrease in average wages. While firms did not increase inventory, there is some evidence for increased firm exit, in particular by firms in tradables sectors.