Global supply chains and cross‐border financing
研究发现，企业建立全球供应链伙伴关系后，会更多使用跨境融资，这一效应在股票、银团贷款和债券市场均存在，且对小型、机构持股少、分析师关注少的企业更明显。
This paper provides evidence that the formation of global supply chain partnerships leads to an increased usage of cross‐border financing. The findings are detected in all three major financing markets—equities, syndicated loans, and public debt. Difference‐in‐differences tests allow us to draw a causal interpretation of our main findings, which also holds in several robustness tests. Our findings suggest that increased cross‐border financing reflects greater ability to access global financial markets, due to enhanced firm visibility and investor attention, as well as operational forces that arise when establishing new global supply chain partnerships. Specifically, we provide evidence that firms that are small, held less by institutional investors, and followed by fewer analysts have more benefits in cross‐border financing from the formation of the global supply chain. Our findings have important implications for firms attempting to integrate into the global supply chain network. More broadly, our findings suggest that the information generated by operational activities can have significant effects on subsequent financing activities.