现代产业经济学系列讲座第191期

时 间：2019年12月26日（周四）14:00-15:30

地 点：复旦大学管理学院史带楼603室

主 题：Trade and Firm Financing

主讲人：冯玲 上海财经大学金融学院 教授

主持人：李玲芳 复旦大学管理学院产业经济学系 副教授

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 shortterm working capital constraint, which could be used to scale up production.

主讲人简介：冯玲，上海财经大学金融学院常任教授，清华大学文学学士、管理学硕士，加州大学戴维斯分校经济学博士。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、Economic Journal、IMF Economic Review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、2015年中国金融学年会优秀论文二等奖等学术奖励。