Liquidity Constraints and Firms' Linkages with Multinationals
Liquidity Constraints and Firms' Linkages with Multinationals
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流动性限制以及企业与跨国公司的联系
DOI：
10.1093/wber/lhp002
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发表时间：
2009
期刊：
影响因子：
--
通讯作者：
Mariana Spatareanu
中科院分区：
文献类型：
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作者：
B. Javorcik;Mariana Spatareanu
使用一个独特的数据集，从捷克共和国1994-2003年，本研究探讨了一个公司的流动性约束和供应与跨国公司（MNCs）的联系之间的关系。实证分析表明，捷克公司提供跨国公司的信贷约束比非供应商。然而，对这种影响的时间进行更仔细的检查表明，这一结果是由于约束较少的公司自我选择成为跨国公司供应商，而不是从供应关系中获得的好处。由于最近的文献发现，生产力溢出效应从外国直接投资（FDI）是最有可能发生通过跨国公司和当地供应商之间的联系，我们的研究结果表明，发达的金融市场可能需要，以充分利用与FDI流入的好处。
Using a unique data set from the Czech Republic for 1994-2003, this study examines the relationship between a firm's liquidity constraints and its supply linkages with multinational corporations (MNCs). The empirical analysis indicates that Czech firms supplying MNCs are less credit constrained than non-suppliers. A closer inspection of the timing of the effect, however, suggests that this result is due to less constrained firms self-selecting into becoming MNC suppliers rather than the benefits derived from the supplying relationship. As recent literature finds that productivity spillovers from foreign direct investment (FDI) are most likely to take place through contacts between MNCs and their local suppliers, our finding suggests that well-developed financial markets may be needed in order to take full advantage of the benefits associated with FDI inflows.