We study the effects of sovereign debt inflows on domestic firms. To do so, we exploit episodes of large sovereign debt inflows, which follow the announcements of the inclusion of six emerging countries into major sovereign debt indexes. We find that these events reduce government bond yields, appreciate the domestic currency, and have heterogeneous stock-market effects on domestic firms. Firms operating in tradable industries experience lower returns than firms in non-tradable industries. In addition, financial firms, government-related firms, and firms that rely more on external financing experience higher returns. The effect on financial and government-related firms is stronger in countries that display larger reductions in government bond yields. The effect on tradable firms is stronger in countries that display stronger appreciations. We provide a stylized model that rationalizes these results. Our findings shed novel light on the channels through which sovereign debt inflows affect firms in emerging countries.

我们研究了主权债务流入对国内企业的影响。为此，我们利用了主权债务大量流入的事件，随后又宣布将六个新兴国家纳入主要主权债务指数。我们发现这些事件降低了政府债券的收益率，使本国货币升值，并对国内公司产生了不同的股票市场影响。与非贸易行业相比，从事贸易行业的公司所获得的回报要低。此外，金融公司，与政府相关的公司以及更多依赖外部融资的公司会获得更高的回报。在政府债券收益率下降幅度较大的国家，对金融和政府相关公司的影响更大。在表现出较强升值的国家中，对可交易公司的影响更大。我们提供了程式化的模型，可以合理化这些结果。我们的发现为主权债务流入影响新兴国家公司的渠道提供了新颖的启示。