International Trade, Finance, and the Organization of Firms

我们计划研究以下两个主题：首先，我们想通过引入内部资本市场来打开多产品公司的黑匣子，以了解公司融资和出口哪些产品。引入企业理论(内部资本市场)使我们能够将国际贸易文献的两个不同部分结合在一起：关于出口融资的文献和关于多产品企业的文献。通过这种方式，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，从而降低金融文献中讨论的企业折扣。我们计划用美国、德国和法国的公司水平数据来测试该模型。其次，基于我们之前的理论，我们希望对国际贸易是否会导致各国企业文化和高管薪酬趋同进行实证检验。更具体地说，我们希望调查全球经济中是否出现了一个赋予中层管理权力的去中心化的公司组织。为了检验收敛假说，我们希望基于70个国家和地区243.000名经理的22.000家公司的数据来构建企业组织的衡量标准。我们计划将中国加入世贸组织作为一个自然实验，量化国际贸易对首席组织和高管薪酬的因果影响。

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.