Global Fixed Capital Investment by Multinational Firms
研究了跨国公司如何同时决定其在全球各地的固定资本投资，发现投资不仅受东道国生产率、需求和工资影响，还受公司其他运营国工资水平的影响。
We develop and test a model of the simultaneous determination of global gross fixed capital investments by multinational firms. We integrate a model of multi‐product firms choosing optimal manufacturing locations with a model of dynamic investment optimization. Firms adjust capital stocks in each location in accordance with the expected marginal profitability of capital. Analysis of 1504 fixed capital investment decisions by Japanese multinational firms confirms the prediction that investment is determined not only by total factor productivity, effective demand, and wage levels in the host country, but also by wage levels in other countries in which the firm operates.