Financial Shocks and Corporate Investment in Emerging Markets
研究了美国货币政策与金融市场波动如何影响新兴市场企业投资，发现财务较弱的企业投资减少更多，而财务稳健的企业在不确定性高时会主动推迟投资，且良好的宏观经济基本面能缓冲冲击。
Abstract We examine how cross‐firm and cross‐country heterogeneity shapes the responses of corporate investment in emerging markets to changes in U.S. monetary policy and financial‐market volatility, the latter proxying for uncertainty. We find that in response to increases in U.S monetary policy rates or financial‐market volatility, financially weaker firms reduce investment by more than financially strong firms. We also show that firms with stronger balance sheets delay investment voluntarily when faced with higher uncertainty. Finally, we find that stronger macroeconomic fundamentals (lower public debt or higher international reserves) help to buffer corporate investment from increases in U.S. monetary policy rates.