中美贸易摩擦与企业创新

China-Us Trade Friction and Enterprise Innovation

本文以2016—2019年沪深A股上市公司为样本,借助2018年中美贸易冲突爆发这一外生事件,从企业创新的角度检验了中美贸易摩擦的微观影响。本文研究发现,中美贸易摩擦从创新投入与创新产出两个角度抑制了受影响企业的技术创新水平。此结论在进行了一系列的稳健性检验之后仍然不变。机制分析表明,中美贸易摩擦主要通过学习效应、融资约束以及风险承担三个路径来降低受影响企业的技术创新水平。异质性分析发现,中美贸易摩擦对非国有企业、投资于发达国家的企业以及拥有海外营业收入企业的创新水平有更显著的抑制作用。然而,企业自身的高生产率与高市场势力以及政府产业规划与“一带一路”倡议能够有效缓解中美贸易摩擦对受影响企业创新水平的负面冲击。本文的研究结论在当前复杂多变的中美竞合博弈下具有重要的现实意义,为国家的创新驱动发展战略提供了经验证据。

This paper uses listed companies on the Shanghai and Shenzhen stock exchanges from 2016 to 2019 as sample and,using the outbreak of the 2018 China-US trade conflict as an exogenous event,examines the micro-level impact of China-US trade friction on enterprise innovation.The research finds that China-US trade friction inhibits the technological innovation level of affected enterprises from the perspectives of innovation input and output.This conclusion remains unchanged after a series of robustness tests.Mechanism analysis shows that China-US trade friction mainly reduces the technological innovation level of affected enterprises through learning effects,financial constraints,and risk exposure.Heterogeneity analysis reveals a more pronounced inhibitory effect of China-US trade friction on innovation levels in non-state-owned enterprises,those investing in developed countries,and those with overseas revenue.However,high productivity,strong market forces,and government industry planning along with"the Belt and Road"Initiative effectively alleviate the negative impact of China-US trade friction on the innovation level of affected enterprises.The conclusions of this study hold significant and practical implications in the current complex China-US competitive cooperation,providing empirical evidence for the country's innovation-driven development strategy.