贸易政策不确定性与企业技术创新投融资决策——基于中美贸易摩擦的分析

Trade Policy Uncertainty and Enterprise Technological Innovation Investment and Financing Decisions——Based on the Analysis of Sino-US Trade Friction

本文以2011至2020年的A股上市公司为样本,从研发投入、技术产出、技术来源以及研发内部资金配置四个方面,采用固定面板模型,基于中美贸易摩擦背景,探究贸易政策不确定性对于企业技术创新投融资决策的影响。结果表明:①贸易政策不确定性提高企业技术研发投入,进而促进技术专利的产出;②贸易政策不确定性提高企业自主研发倾向,弱化技术引进;③贸易政策不确定性提高企业内源研发资金配置。此外,贸易政策不确定性在影响企业技术创新投融资决策中还存在产权性质异质性、企业规模异质性、行业异质性以及董事海外背景异质性。本文的研究结论可以为政府在中美贸易摩擦环境下的技术支持政策制定与调整提供理论支持,同时为企业技术创新投融资决策提供参考。

Taking the A-share listed companies from 2011 to 2020 as a sample,the fixed panel model is used to explore the impact of trade policy uncertainty on enterprise technology innovation investment and financing decisions from four aspects:R&D investment,technology output,technology sources and internal R&D fund allocation,based on the background of Sino US trade frictions.The results show that:①the uncertainty of trade policy increases the investment in technology R&D of enterprises,and then promotes the output of technology patents;②the uncertainty of trade policy increases the tendency of independent research and development of enterprises and weakens the introduction of technology;③the uncertainty of trade policy improves the allocation of internal R&D funds of enterprises.In addition,the uncertainty of trade policy also exists the heterogeneity of property rights,enterprise scale,industry and directors'overseas backgrounds in influencing the investment and financing decisions of enterprises'technological innovation.It provides theoretical support for the government to formulate and adjust technical support policies under the Sino-US trade friction environment,and also provides suggestions for enterprises to make investment and financing decisions for technological innovation.