Firm Exports and Multinational Activity Under Credit Constraints
研究发现，在中国金融脆弱性较高的行业中，外资企业和合资企业的出口表现优于国内私营企业，尤其在贸易成本高的目的地更明显，表明跨国子公司因能获取外部融资而较少受流动性约束，外商直接投资可缓解国内金融市场不完善对贸易的影响。
We provide firm-level evidence that credit constraints restrict international trade and affect the pattern of multinational activity. We show that foreign affiliates and joint ventures in China have better export performance than private domestic firms in financially more vulnerable sectors. These results are stronger for destinations with higher trade costs and not driven by firm size or other sector characteristics. Our findings are consistent with multinational subsidiaries being less liquidity constrained because they can access foreign capital markets or funding from their parent company. They further suggest that FDI can alleviate the impact of domestic financial market imperfections on trade.