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NO.133报告人:冯玲(上海财经大学)

发布时间:2019-11-26 11:31:10 作者:万茜 来源:正规买球app 阅读:

主    题: Trade and Firm Financing
主讲人:冯玲 教授(上海财经大学)
时    间: 2019年12月16日(周一)14:00-15:30
地    点: 浙江大学玉泉校区外经贸楼236室
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内容提要:
       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.
 
演讲人简介:
       冯玲,上海财经大学金融学院教授。清华大学学士、硕士,2010年毕业于美国加州大学戴维斯分校,获经济学博士学位。主要研究领域为:国际金融、宏观经济学、国际贸易实证等。在国际顶尖学术期刊如Journal of International Economics、Economic Journal、Macroeconomic Dynamics、IMF Economic Review等发表论文多篇,其研究成果在国际金融、国际贸易研究领域产生重要影响。
 
 
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                                                                                                  2019年12月3日