美国对华出口管制对中国企业技术创新投入的影响研究

The influence of the U.S.export controls against China on the technological innovation inputs of Chinese corporates

本文将美国对华出口管制作为一项准自然实验,以2018年第四季度至2022年第一季度进入美国实体清单的上市企业为处理组,运用多期双重差分模型比较分析企业在遭受美国出口管制前后技术创新投入的差异,实证考察了美国对华出口管制对中国被管制企业技术创新投入的影响及其作用机制。研究发现,美国对华出口管制显著抑制了中国被管制企业的技术创新投入,该影响持续体现在制裁实施后的第二、三期,随时间的推移逐渐减弱,并在第五期转为促进作用。异质性分析结果表明,高杠杆率企业和处于较低市场化水平的企业相对于其他企业,受美国对华出口管制的影响更加显著。机制分析的结果表明,美国对华出口管制政策通过加剧被管制企业的经营风险以及财务风险,限制了企业的技术创新投入。

With the U.S.export controls against China as a quasi-natural experiment,a sample of firms in the U.S.entity list from the fourth quarter of 2018 to the first quarter of 2022 are examined within a multiphase difference-in-differences model.While comparing the differences in the technological innovation inputs before and after the corporates experience the U.S.export controls,this paper empirically examines the impact of the U.S.export controls against China on the technological innovation inputs of Chinese corporates and its working mechanism.Results show that the U.S.export controls against China significantly inhibit the technological innovation inputs of Chinese corporates.This impact consistently lasts through the second and third periods after the implementation of the U.S.sanction,gradually diminishes over time,and eventually shifts to a positive stimulation in the fifth period.The results of the heterogeneity analysis indicate that the corporates with the high leverage or in the lower marketization level are more significantly affected by the U.S.export controls against China,compared with other corporates.The results of the mechanism analysis suggest that the U.S.export control policies against China inhibit the technological innovation inputs of corporates by exacerbating the business risks and financial risks of the regulated corporates.