International Corporate Diversification and Financial Flexibility
研究发现美国跨国公司比国内公司更容易从外国银行借款和发行国际债券，在金融危机期间因融资渠道更多样而减少国内投资降幅。
If the location of firm operations is relevant for financing, multinationals should have easier access to different foreign sources of funding relative to domestic firms. I document that U.S. multinationals are more likely to borrow from a foreign bank and to issue international bonds than are U.S. domestic firms. Multinationals are less affected than domestic firms by capital market dislocations because of greater funding flexibility. Using the 2007–2009 financial crisis as a capital supply shock, I find that multinationals relied more on foreign funding sources in bank loans and consequently reduced domestic investment less than did domestic firms. Received January 27, 2015; editorial decision March 20, 2017 by Editor David Denis.