International Trade, Finance, and the Organization of Firms

国际贸易、金融和企业组织

• 批准号: 345830863
• 负责人: Professorin Dr. Dalia Marin
• 金额: --
• 依托单位: Paris School of Economics (PSE)
• 依托单位国家: 德国
• 项目类别: Research Grants
• 资助国家: 德国
• 项目状态: 未结题
• 来源: https://gepris.dfg.de/gepris/projekt/345830863?language=en
• 关键词: International; Trade; Finance; Organization; Firms

We are planning to examine the following two topics: First, we want to open the blackbox of multiproduct firms by introducing an internal capital market to understand which products firms finance and export. Introducing the theory of the firm (internal capital market) allows us to bring together two separate strands of the international trade literature: the literature on export finance and the literature on multiproduct firms. This way we will endogenize the credit constraint and the number of products financed by firms. We expect that trade liberalization will make the internal capital market more efficient, thereby reducing the conglomerate discount discussed in the finance literature. We plan to test the model with US, German and French firm level data. Second, based on our previous theories we want to test empirically whether international trade leads to a convergence in corporate culture and executive pay across countries. More specifically, we want to investigate whether a decentralized firm organization, empowering the middle management, emerges in the global economy. To test the convergence hypothesis we want to construct a measure of firm organization based on data for 22.000 firms with 243.000 managers in 70 countries. We plan to use the accession of China to the WTO as a natural experiment to quantify the causal impact of international trade on the firma organization and executive pay.

我们计划研究以下两个主题：第一，通过引入内部资本市场，了解企业融资和出口的产品，打开多产品企业的黑盒子。引入企业（内部资本市场）理论，使我们能够将国际贸易文献中的两个独立部分结合在一起：出口融资文献和多产品企业文献。这样，我们将内生信贷约束和企业融资的产品数量。我们预计，贸易自由化将使内部资本市场更有效率，从而减少金融文献中讨论的企业集团折扣。我们计划用美国、德国和法国公司层面的数据来测试该模型。 其次，基于我们先前的理论，我们想实证检验国际贸易是否会导致各国企业文化和高管薪酬的趋同。更具体地说，我们想调查是否一个分散的公司组织，授权中层管理人员，在全球经济中出现。为了检验趋同假设，我们要构建一个衡量企业组织的数据为基础的22.000家公司与243.000经理在70个国家。我们计划将中国加入WTO作为一个自然实验，以量化国际贸易对公司组织和高管薪酬的因果影响。