| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26266 |
| 来源ID | Working Paper 26266 |
| Trade and Firm Financing | |
| Paul Bergin; Ling Feng; Ching-Yi Lin | |
| 发表日期 | 2019-09-16 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 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 short-term working capital constraint, which could be used to scale up production. |
| 主题 | International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w26266 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583939 |
| 推荐引用方式 GB/T 7714 | Paul Bergin,Ling Feng,Ching-Yi Lin. Trade and Firm Financing. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26266.pdf（2505KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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