FIRM‐LEVEL INVESTMENT AND EXPORT DYNAMICS*
研究了企业出口与实物资本投资之间的互补性，发现新投资帮助年轻出口企业在出口市场更快成长、存活更久，并降低其对生产率或需求冲击的脆弱性。
This article characterizes the complementarity between exporting and investment in physical capital. We argue that new investment allows young exporters to grow faster and survive longer in export markets while reducing their vulnerability to productivity or demand shocks across markets. We structurally estimate our model using detailed firm‐level data. We find that the choice of cost structure has a large impact on model performance and the estimated costs of exporting or investment. Using detailed capital and output tariff rates, we quantify the impact of policy change on aggregate export and investment growth.