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学术讲座:Financing Multinationals

金融学院SBF论坛2019年第7讲

讲座题目:Financing Multinationals

时间:4月10日 12:20-13:30

地点:博学楼925

主讲人:罗文澜

主讲人简介:

罗文澜,清华大学助理教授。本科毕业于清华大学,博士毕业于美国乔治城大学。主要研究领域为宏观经济学,货币经济学,计算方法。他的研究成果发表于Review of Economic Dynamics,Journal of Economic Dynamics and Control。

讲座内容简介:

We develop a quantitative-oriented model that integrates the production and financing decisions of multinational corporations (MNCs). Firms differ by their productivity and net worth. Productive firms expand by accumulating net worth overtime and by using funding from external investors. Firms can deploy their technology for production in affiliates overseas and become MNCs. However, the affiliates’ scale of operation is partially dependent on funding from the parent, giving rise to foreign direct investment (FDI). The model links FDI, affiliate production, and financial market conditions of host and home countries in ways consistent with the data, and remains tractable with heterogeneous firms and many asymmetric countries. We use the model to explore various issues such as the drivers of the global FDI growth over 2001-2007, the role of credit crunch for its growth slowdown since the Great Recession, and the welfare gains from FDI.

文章建立了一个关于跨国公司生产和融资决定的定量模型。模型中企业可以使用自身净值和外部融资进行生产。企业可以将其技术部署到海外的附属公司,并成为跨国公司。但由于融资约束的存在,附属公司的经营规模部分取决于母公司的资金。母公司通过内部资本市场向附属公司的资金转移形成了FDI。该模型将FDI,附属公司生产和母国以及东道国的金融发展程度联系起来,并从数据中得到验证。模型在引入异质性企业和多个不对称国家设定时仍能求解。我们使用该模型来分析2001-2007年全球FDI增长的驱动因素,信贷紧缩对大萧条以来FDI增长放缓的解释能力以及FDI带来的福利影响。