International Trade, Multinational Activity, and Corporate Finance
综述了将公司金融视角引入国际贸易与投资研究的新文献，探讨金融制度差异、融资约束和内部资本市场如何影响企业出口决策、跨国生产布局及公司治理，并指出关键结论与待解问题。
An emerging new literature brings unique ideas from corporate finance to the study of international trade and investment. Insights about differences in the development of financial institutions across countries, the role of financial constraints, and the use of internal capital markets are proving central in understanding international economics. The ability to access financial capital to pay fixed and variable costs affects choices firms make regarding export entry and operations and, as a consequence, influences aggregate trade patterns. Financial frictions and the use of internal capital markets shape decisions that multinationals make regarding production locations, integration, and corporate governance. This article surveys this recent research with the goal of highlighting the main themes it explores, the key results it establishes, and the leading open questions it raises.