Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations
研究金融约束和产品市场风险如何影响跨国公司和本地企业对货币大幅贬值的反应。美国跨国公司的子公司比本地企业增长更快，这并非由于产品市场风险不同，而是因为跨国公司能更好地规避金融约束，并在本地企业最受约束时获得母公司股权支持。
This article examines how financial constraints and product market exposures determine the response of multinational and local firms to sharp depreciations. U.S. multinational affiliates increase sales, assets, and investment significantly more than local firms during, and subsequent to, depreciations. Differing product market exposures do not explain these differences in performance. Instead, a differential ability to circumvent financial constraints is a significant determinant of the observed differences in investment responses. Multinational affiliates also access parent equity when local firms are most constrained. These results indicate another role for foreign direct investment in emerging markets--multinational affiliates expand economic activity during currency crises when local firms are most constrained. The Author 2007. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org., Oxford University Press.