FIEs and the Transmission of Global Financial Uncertainty: Evidence from China
利用中国企业数据，发现全球金融不确定性上升对外资企业的实际投资有更大的收缩效应，且这种效应在投资不可逆或融资约束强的企业中更显著，同时会溢出到下游本土私营企业。
Abstract This article provides micro-level evidence for the role of foreign-invested enterprises (FIEs) in the cross-border transmission of global financial uncertainty shocks. Using Chinese firm-level data, we find that rising uncertainty has a significantly larger contractionary effect on real investment for FIEs than their local counterparts. This effect is more pronounced for firms faced with greater investment irreversibility or financial constraints. The contractionary effect is mainly driven by downside uncertainty, whereas upside uncertainty is modestly expansionary. Similar effects are found for other firm-level performances. There is also a spillover effect to local private firms with FIEs concentrated in downstream sectors.