This paper uses issuance-level data to study how equity capital inflows that enter emerging market economies affect equity issuance and corporate investment. It shows that foreign inflows are strongly correlated with country-level issuance. The relation especially reflects the behavior of large firms. To identify supply-side shocks, capital inflows into each country are instrumented with exogenous changes in other countries’ attractiveness to foreign investors. Shifts in the supply of foreign capital are important drivers of increased equity inflows. Instrumented contemporaneous and lagged capital inflows lead large firms to raise new equity, which they use to fund investment.

本文使用发行级数据研究进入新兴市场经济体的股本资本流入如何影响股本发行和公司投资。它表明，外国资本流入与国家一级的发行密切相关。该关系尤其反映了大公司的行为。为了确定供应方的冲击，每个国家的资本流入都与其他国家对外国投资者的吸引力发生外生变化有关。外资供应的变化是增加股本流入的重要驱动力。有计划的同时发生的和滞后的资本流入导致大型公司筹集新股本，以用于为投资筹集资金。