贸易冲击与投资效率

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-04-11 DOI:10.1016/j.jcorpfin.2025.102795

Wenjing Li , Yuanhuai Peng , Hanwen Sun , Youchao Tan

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引用次数: 0

摘要

我们研究了国际贸易冲击对企业投资效率的影响。利用中国企业-产品层面的新数据集，我们发现在实施反倾销、反补贴和保障措施等贸易防御工具后，目标企业的投资效率显著提高。自由现金流的减少和贸易直接投资引发的竞争加剧阻碍了过度投资，特别是在那些更容易过度投资的公司和那些在事前竞争较低的行业中经营的公司。此外，在受到更严厉惩罚和目标产品价值更高的企业中，效率提升效应更为明显。综上所述，这些发现表明中国目标企业通过改变投资策略和提高效率来应对国际贸易冲击。

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Trade shocks and investment efficiency

We investigate how international trade shocks affect corporate investment efficiency. Utilizing a novel pairwise firm-product level dataset in China, we find that the investment efficiency of target firms significantly improves following the implementation of trade defense instruments (TDIs), including antidumping, countervailing, and safeguard measures. The reduction in free cash flow and heightened competition triggered by TDIs discourage overinvestment, particularly in firms more prone to overinvestment and those operating in industries with lower ex-ante competition. Moreover, the efficiency-enhancing effect is more pronounced in firms subject to stricter penalties and higher-value targeted products. Taken together, these findings suggest that Chinese target firms respond to international trade shocks by altering their investment strategies and improving efficiency.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.