We investigate why firms in emerging economies such as India borrow in foreign currency. The results of a dynamic panel regression approach suggest that both firm-specific factors and macroeconomic factors are significant in explaining the corporate sector dollarization. Export revenue and tangible assets are primary drivers of the external commercial borrowings (ECBs) of non-financial firms, whereas the ECBs of financial firms are sensitive to interest rates in global markets. The policy measures to relax restrictions on firm borrowing in foreign currency facilitate the denomination of corporate debt in foreign currency, but such exposure was adversely affected by the global financial crisis. The findings of the study suggest the vital need to develop the domestic bond market to reduce firms’ dependency on external finance. The results also call for competitive interest rates in the domestic fixed income segment through monetary policy intervention.

JEL Classification: G300, G320, F310

我们调查了为何印度等新兴经济体的公司以外币借款。动态面板回归方法的结果表明，公司特定因素和宏观经济因素都对解释企业部门的美元化具有重要意义。出口收入和有形资产是非金融公司外部商业借款（ECB）的主要驱动力，而金融公司的ECB对全球市场利率敏感。放松对外币公司借贷的限制的政策措施促进了外币公司债的计价，但这种风险受到了全球金融危机的不利影响。研究结果表明，发展国内债券市场以减少公司对外部金融的依赖至关重要。

JEL分类： G300，G320，F310