财务与金融系2019双周论坛

主 题：全球供应链与跨境融资

主讲人: 张宇，北京大学光华管理学院助理教授

协调人: 童庆

时 间：2019-03-06 10:00

地 点：明德商学楼1008室

语 言：英

Financial globalization is still far from complete four decades after the end of the Bretton Woods System largely due to transaction costs and informational frictions. In this study, we ask if global supply chain relationships help firms access cross-border financing in the international capital markets. Comparing two firms that are otherwise similar in covariates and in pre-formation outcome through a matching difference-in-differences strategy, we observe the firm that has formed global supply chain relation- ships to access more cross-border financing, after the global supply chain formation. This result is supported empirically by all major formal financing vehicles, including stock cross-listing, bond issuance, bank loans, and M&A deals, and is robust to controlling for strategic disclosure concerns. The estimated effect of global supply chain relationship formation on cross-border financing is stronger for firms in countries with stronger accounting and ethical standards and for small and growth firms, but weaker for firms in countries with tighter capital controls and more volatile exchange rates. This suggests global supply chain formation helps cross-border financing more through information production, not cashflow relocation or re-denomination.