Trade and firm financing
成果类型：
Article
署名作者：
Bergin, Paul R.; Feng, Ling; Lin, Ching-Yi
署名单位：
University of California System; University of California Davis; National Bureau of Economic Research; Shanghai University of Finance & Economics; National Tsing Hua University
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/j.jinteco.2021.103461
发表日期：
2021
关键词：
摘要：
Financial frictions can pose a barrier to export entry by altering a firm's long-term capital structure. The focus on long-term firm financing is motivated by our empirical finding that exporting firms tend to be more leveraged than non-exporting firms in terms of long-term debt, as distinct from short-term working capital. We explain this fact by marrying a corporate finance model of capital structure, featuring an endogenous choice between equity and long-term debt, with a trade model featuring heterogeneous firms and export entry. The model predicts that exporting firms will prioritize reducing the cost of long-term capital over relaxing a short-term working capital constraint to scale up production. (C) 2021 Elsevier B.V. All rights reserved.