美国对华反倾销对中国企业创新效应再评估

Reevaluation of the Innovation Effect of US Antidumping Against China on China’s Enterprises

基于中国工业企业数据库、海关数据库及全球反倾销数据库等数据库的匹配,使用多期DID模型考察了美国对华反倾销对中国企业创新的影响效应及机制。研究发现:美国对华反倾销总体上抑制了中国企业创新,其抑制效应存在1年左右的滞后期,同时这种影响主要发生在反倾销初裁定阶段和终裁定阶段,且终裁定阶段的抑制作用要大于初裁定阶段。拓展性研究发现,美国对华反倾销对涉案多产品企业、涉案金额在中位数以上企业及统一反倾销关税企业的创新抑制效应更显著。进一步对其内在影响机制的检验表明,美国对华反倾销通过内源融资约束和商业信贷融资约束的中介渠道抑制了我国企业创新。

Based on the matching data of Chinese industrial enterprise database,China customs database and Global Antidumping Database,this paper uses the multi-stage DID model to investigate the effect and mechanism of US antidumping against China on the innovation of China’s enterprises. The research results show that: US antidumping against China generally inhibits the innovation of China’s enterprises,and the inhibition effect has a lag period of about one year. Meanwhile,this effect mainly occurs in the initial and final ruling stages of antidumping,and the inhibition effect of the final ruling stage is greater than that of the initial ruling stage. The extended research reveals that the enterprises with multiple products involved,the enterprises with the involved amount above the median and the enterprises involved in unified antidumping duties suffer more significant inhibition effect of US antidumping against China on the innovation of China’s enterprises. The further test of its internal influence mechanism indicates that US antidumping against China restrains the innovation of China’s enterprises through the intermediary channels of endogenous financing constraints and commercial credit financing constraints.