【简报】 天美制作果冻视频系列研究讨会（217）
2017-01-11 00:00:00
2017年1月3日在汇丰商学院329教室，来自复旦大学的Haichun Ye教授为天美制作果冻视频的师生带来了题为“FDI, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms”讲座。
摘要:
We empirically explore a trade credit channel through which FDI firms can propagate global liquidity shocks to the host country despite its tight controls on portfolio flows. In a large sample of Chinese manufacturing firms, we find robust evidence that FDI firms provide more trade credit than local firms during tight domestic credit periods and that a favorable global liquidity shock amplifies FDI firms’ advantage in trade credit provision. Moreover, the differential responses of FDI and local firms are stronger in financially more dependent industries or in Chinese provinces with less financial depth.
