时间：2019年11月12日 （周二） 10：00-11：30
题目：FDI and Firm Productivity: The Role of Financial Constraints
This paper studies the effect of FDI firms' financial advantages on the firm productivity in host countries and examines the associated policy implications. We first propose a simple Melitz-type partial equilibrium model in which FDI firms have lower financing costs, but face higher fixed production costs than local firms. The model predicts that the financial advantage of FDI firms lowers their cutoff productivity and FDI firm could have even lower cutoff productivity than local firms, especially in financially vulnerable sectors. This prediction is supported by the Chinese firm-level data. Then we study the associated policy implications in a two-country general equilibrium model where the financial market friction in the FDI-host country raises the financing costs of local firms relative to FDI firms. The counterfactual policy analysis shows that moderately raising the revenue tax rate for FDI firms could improve the host country's aggregate productivity and welfare as it would substantially increase the cutoff productivity of FDI firms. In addition, the policy in the host country to improve its financial market efficiency could even hurt the country's welfare due to the interaction between the financial market reform and distortionary taxes/subsidies imposed on FDI and local firms. We argue that the financial market reform has to be accompanied by the tax reform to achieve the intended goals.
王健博士，现任香港中文大学(深圳)经管学院副教授和助理院长，深圳高等金融研究院宏观金融稳定与创新研究中心主任，清华大学五道口金融学院金融硕士导师，中国金融四十人青年论坛会员。2006年毕业于美国威斯康星大学经济学获博士学位，曾担任美联储达拉斯联邦储备银行高级经济学家、政策顾问。主要研究方向包括国际金融市场和货币政策，多篇论文发表于《Management Science》《Journal of International Economics》《Journal of Money, Credit and Banking》《Journal of Development Economics》等国际权威期刊，并担任《Pacific Economic Review》期刊编委。