Global Sourcing under Imperfect Capital Markets
研究了供应商的金融约束与合同不完全性如何影响跨国公司的采购决策，发现复杂和特定投入品更可能从金融发达的国家采购，而跨国公司更可能整合金融制度薄弱国家的供应商。
We develop a simple model to study the interactions between a supplier's financial constraints and contract incompleteness in a vertical relationship. Applied to the analysis of multinational firms' sourcing strategies, the model predicts: (i) that complex and specific inputs are more likely to be sourced from financially developed countries and (ii) that multinationals are more likely to integrate suppliers located in countries with poor financial institutions, especially when trade involves complex goods. These predictions are examined and validated using firm-level trade data on multinational firms with operations in France.