摘要
本文考察了东道国的制度对跨国企业子公司融资的影响。我们首先通过一个实物期权模型,构建了制度影响子公司融资规模的微观基础,并且使用中国跨国企业的数据进行了实证考察。我们发现,东道国制度本身以及它与母国制度的距离都会对子公司融资规模产生重要影响:制度越好,制度距离越小,子公司融资规模越大。我们进一步考察了制度因素对子公司融资规模的影响机制,发现制度会通过一些与子公司相关的经营特征和东道国的政府政策影响企业的融资规模。本研究对中国跨国企业的海外融资和经营实践有一定的启示作用。
This paper examines the impact of host country institution on subsidiary finance.We lay the micro-foundation of the association between host country institution and subsidiary finance through a real options model,and investigate with data of multinational corporations from China.We find that not only the institutional quality itself but its deviation from that of the parent country matters for the subsidiary's financing;the better the institution,the more intimacy the institution,the better access to credit for the subsidiary.Further study reveals that institution can affect subsidiary finance through its operating characteristics and host country's government policies.The current research sheds light on the practices of Chinese multinational corporations' overseas financing and operation.
出处
《产业经济研究》
CSSCI
北大核心
2015年第4期102-110,共9页
Industrial Economics Research
关键词
制度质量
制度距离
子公司融资
跨国企业
东道国
影响机制
institution quality
institution distance
subsidiary finance
multinational corporations
host country
mechanism
