政策不确定性会跨越国界吗？跨国公司子公司投资决策的证据

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE Journal of Banking & Finance Pub Date : 2024-04-22 DOI:10.1016/j.jbankfin.2024.107195

Xi Zhou , Min Xiao , Huiying Wu , Jiaxing You

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引用次数: 0

摘要

我们利用中国的大规模专有数据集，研究了政策不确定性在跨国公司内部的跨境传播。我们的研究结果表明，跨国公司母国的政策不确定性会对其海外子公司的资本投资产生负面影响。我们对横截面异质性的分析表明，子公司层面的投资不可逆转性和子公司对母公司的依赖性加强了这种影响，而母国和东道国之间的双边会谈和心理亲密程度则削弱了这种影响。这些发现共同表明，政策不确定性会跨越国界，对外国子公司的投资产生溢出效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Does policy uncertainty travel across borders? Evidence from MNC subsidiary investment decisions

Using a large-scale proprietary data set from China, we examine the cross-border transmission of policy uncertainty within multinational corporations (MNCs). Our results show that policy uncertainty in MNCs’ home countries negatively affects the capital investment of their foreign subsidiaries. Our analyses of cross-sectional heterogeneity reveal that the effect is strengthened by subsidiary-level investment irreversibility and the dependence of subsidiaries on parent firms, and weakened by bilateral meetings and psychic closeness between the home and host countries. Together these findings suggest that policy uncertainty travels across borders and has a spillover effect on foreign subsidiary investment.

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.

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