报告题目：Trade and Firm Financing (NBER working paper 26266)

报告人：冯玲（上海财经大学，金融学院，教授）

报告时间：2019年12月6日（星期五）上午10:30-12:00

报告地点：商学院大楼318会议室

邀请部门：经济学系

 

报告人简介：

冯玲，上海财经大学金融学院终身教授，本科和硕士均毕业于清华大学，2010年获得加州大学戴维斯分校经济学博士学位。她的研究领域包括国际宏观经济学、国际金融、国际贸易实证、中国宏观经济等，论文发表在Journal of International Economics（2）、Economic Journal、IMF Economic Review、World Economy、Macroeconomic Dynamics、Emerging Markets Finance and Trade、Frontiers of Economics in China、Journal of American Academy of Business、International Review of Economics and Finance等期刊。曾获2018浦山世界经济学优秀论文奖、2018第二十届安子介国际贸易研究奖优秀论文奖一等奖、上海财经大学第25届中振科研基金优秀成果奖、上海市第十四届哲学社会科学优秀成果奖（2016-2017）学科学术奖论文类二等奖、上海财经大学第24届中振科研基金优秀成果奖、第12届中国金融学年会优秀论文二等奖等学术奖励。

 

报告摘要：

This paper studies how financial frictions pose a barrier to export entry by altering the firm’s long-term capital structure, and thereby affecting the ability to finance sunk entry costs. Our focus on long-term firm financing stands in contrast with the emphasis in recent trade literature on the financing of short-term working capital as a barrier to export entry. We provide evidence that U.S. firms engaged in export tend to have leverage ratios higher than non-exporting firms in terms of long-term debt, but not in terms of short-term debt. To explain this fact and understand its implications, we marry a corporate finance model of capital structure, featuring an endogenous choice between equity and long-term debt financing, with a trade model featuring heterogeneous firms. The model of optimal capital structure indicates that in the long run, exporting firms will prioritize reducing the cost of long-term capital, used to pay sunk costs, over relaxing a short-term working capital constraint, which could be used to scale up production.