作者：Lin, Shu; Ye, Haichun
作者单位：Chinese University of Hong Kong; Hong Kong Monetary Authority (HKMA)
摘要：We empirically explore a trade credit channel through which foreign direct investment (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 differenti...
