Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment
研究发现，外国直接投资会随着来源国股市估值上升而显著增加，尤其是那些预计下一年会回调的估值部分，且在资本账户受限时更明显，表明跨国公司利用低成本资本进行跨境套利。
Empirical evidence of imperfect integration across world capital markets suggests a role for cross-border arbitrage by multinationals. Consistent with multinational arbitrage as a determinant of foreign direct investment (FDI) patterns, we find that FDI flows increase sharply with source-country stock market valuations--particularly the component of valuations that is predicted to revert the next year, and particularly in the presence of capital account restrictions that limit other mechanisms of cross-country arbitrage. The results suggest the existence of a cheap financial capital channel in which FDI flows reflect, in part, the use of relatively low-cost capital available to overvalued parents in the source country. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.