學(xué)術(shù)講座：Financing Multinationals

金融學(xué)院SBF論壇2019年第7講

講座題目：Financing Multinationals

時(shí)間：4月10日 12：20-13：30

地點(diǎn)：博學(xué)樓925

主講人：羅文瀾

主講人簡(jiǎn)介：

羅文瀾，清華大學(xué)助理教授。本科畢業(yè)于清華大學(xué)，博士畢業(yè)于美國(guó)喬治城大學(xué)。主要研究領(lǐng)域?yàn)楹暧^經(jīng)濟(jì)學(xué)，貨幣經(jīng)濟(jì)學(xué)，計(jì)算方法。他的研究成果發(fā)表于Review of Economic Dynamics，Journal of Economic Dynamics and Control。

講座內(nèi)容簡(jiǎn)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.

文章建立了一個(gè)關(guān)于跨國(guó)公司生產(chǎn)和融資決定的定量模型。模型中企業(yè)可以使用自身凈值和外部融資進(jìn)行生產(chǎn)。企業(yè)可以將其技術(shù)部署到海外的附屬公司，并成為跨國(guó)公司。但由于融資約束的存在，附屬公司的經(jīng)營(yíng)規(guī)模部分取決于母公司的資金。母公司通過(guò)內(nèi)部資本市場(chǎng)向附屬公司的資金轉(zhuǎn)移形成了FDI。該模型將FDI，附屬公司生產(chǎn)和母國(guó)以及東道國(guó)的金融發(fā)展程度聯(lián)系起來(lái)，并從數(shù)據(jù)中得到驗(yàn)證。模型在引入異質(zhì)性企業(yè)和多個(gè)不對(duì)稱國(guó)家設(shè)定時(shí)仍能求解。我們使用該模型來(lái)分析2001-2007年全球FDI增長(zhǎng)的驅(qū)動(dòng)因素，信貸緊縮對(duì)大蕭條以來(lái)FDI增長(zhǎng)放緩的解釋能力以及FDI帶來(lái)的福利影響。