MARKET ACCESS, INVESTMENT, AND HETEROGENEOUS FIRMS*
构建了一个异质性企业通过资本扩张进行投资的国际贸易模型，发现需求弹性决定企业投资动机：高生产率企业为规避关税而投资，中等生产率企业为提升生产率而投资，贸易自由化可能因减少外资投资需求而降低总体生产率。
This article presents a model of international trade in which heterogeneous firms can expand through capital acquisitions. I show that demand elasticities are a crucial element in predicting which firms invest, in what location, and for what reason. High‐productivity firms, who tend to sell goods at a low elasticity, invest for market access (tariff jumping). Middle productivity firms, who tend to sell at a higher elasticity, invest for productivity improvement. The relative value of trade costs dictates which incentive is larger. In equilibrium, trade liberalization can reduce aggregate productivity by reducing an important source of investment demand: foreign firms.