Host-country financial development and multinational activity
Host-country financial development and multinational activity
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DOI：
10.1016/j.euroecorev.2019.02.008
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发表时间：
2019-06-01
影响因子：
2.8
通讯作者：
Manova, Kalina
中科院分区：
文献类型：
--
作者：
Bilir, L. Kamran;Chor, Davin;Manova, Kalina
本文评估东道国金融状况对跨国公司全球运营的影响。使用详细的美国数据，我们发现一个国家的金融发展与跨国子公司相对较多的进入以及对当地市场、返回美国和第三目的地的子公司销售总额的增加有关，这些影响在财务上较脆弱的行业更为明显。相比之下，在个体附属公司层面，这些力量与相对较低的本地销售额和较高的回报和第三国销售额相关。然而，无论是在总销售额还是附属公司层面，本地销售额在总销售额中所占的份额都较小，而美国和第三国销售额的份额都较大。当使用固定效应来解释不同国家/地区、行业和母公司之间未观察到的差异时，这些经验规律成立。我们从理论上证明，这些模式与东道国的金融发展是一致的，通过两个渠道影响跨国公司对外国直接投资的激励：融资效应，通过改善其获得外部融资的机会，诱导附属公司进入和扩张；以及竞争效应，由于信用受限的国内企业增加进入，将附属公司的销售重新定位于当地市场。 (C) 2019 Elsevier B.V. 保留所有权利。
This paper evaluates the influence of host-country financial conditions on the global operations of multinational firms. Using detailed U.S. data, we establish that financial development in a country is associated with relatively more entry by multinational affiliates, as well as with higher aggregate affiliate sales to the local market, back to the U.S. and to third destinations, with these effects being more pronounced in financially more vulnerable sectors. At the level of individual affiliates, by contrast, these forces are associated with relatively lower local sales and higher return and third-country sales. Yet at both aggregate and affiliate levels, the share of local sales in total sales is smaller, while the shares of U.S. and third-country sales are both bigger. These empirical regularities hold when using fixed effects to account for unobserved differences across country-years, sectors, and parent firms. We show theoretically that these patterns are consistent with host-country financial development affecting multinationals' incentives for FDI through two channels: a financing effect that induces affiliate entry and expansion by improving their access to external finance, and a competition effect that reorients affiliate sales away from the local market due to increased entry by credit-constrained domestic firms. (C) 2019 Elsevier B.V. All rights reserved.