报告题目：Trade, Innovation and Firm Financing
汇报人： 冯玲 上海财经大学，金融凯发K8
时间： 12.19 星期四（10🏏：00 – 11：30）
地点： A618
邀请人： 谭小芬 教授
讲座系列： 经 济
Trade, Innovation and Firm Financing
While the trade literature has tended to view export activity and innovation as complementary activities, we present evidence that financial constraints are a reason the two activities can act as substitutes for small exporters. In particular, we find that small exporters have lower expenditure on R&D than comparable non-exporters, and we find a corresponding pattern in the leverage ratio of the capital structure of small firms. A model that combines firm decisions regarding the amount of innovation, exporting, and endogenous financial capital structure is able to account for these empirical findings. The model implies that small firms are unable to fully reap the gains from exporting due to financial constraints, as they reduce R&D to finance the costs of export participation.
作者简介🏃➡️：冯玲🧝🏻♂️，上海财经大学金融凯发K8教授（常任）🙍🏽♂️🌠。清华大学学士、硕士，加州大学戴维斯分校经济学博士。从事国际金融🧟♀️、宏观经济学、国际贸易实证等相关领域的研究工作。已发表论文20余篇，其中包括国际顶尖学术期刊如Journal of International Economics，Economic Journal等。学术成果获高等学校科学研究优秀成果奖（人文社会科学）👎🏻、“浦山世界经济学优秀论文奖”浦山学术研究奖、“安子介国际贸易研究奖”优秀论文奖一等奖荣誉。
