Using a large sample of 1017 multinational parents with 13,758 affiliates and 3588 local firms in 26 countries, we examine the impact of currency crises on multinational firms and local firms between 2006 and 2014. We find that multinational affiliates use their internal capital markets to capitalize on the benefits of large currency depreciations and increase sales and investment significantly more than local firms. We trace this differential response to the use of foreign currency debt. We find that local firms without foreign currency debt are less affected by currency depreciations. In addition, multinational affiliates whose parent firms are also affected by a currency crisis in their home country experience a larger decrease in sales and investment. Our results are not driven by the global financial crisis years.

我们使用 1017 家跨国母公司在 26 个国家/地区拥有 13,758 家附属公司和 3588 家本地公司的大型样本，研究了 2006 年至 2014 年间货币危机对跨国公司和本地公司的影响。我们发现跨国附属公司利用其内部资本市场来利用货币大幅贬值和增加销售和投资的好处远远超过本地公司。我们追踪这种对使用外币债务的不同反应。我们发现没有外币债务的本地企业受货币贬值的影响较小。此外，母公司也受到本国货币危机影响的跨国子公司的销售额和投资下降幅度更大。我们的结果不受全球金融危机年代的推动。