美国商业管制清单对中国企业创新的影响:基于供应链机制

The Impact of Commerce Control List on Chinese Firms'Innovation:Evidence from Supply Chain Mechanism

美国商业管制清单不仅影响中国直接受制裁企业创新活动,而且会通过供应链机制对上下游企业创新产生溢出效应。文章使用2013~2021年美国商业管制清单和中国A股上市企业创新数据,考察目标企业受到商业管制清单影响后对上下游企业创新产生的溢出效应。研究发现,目标企业的商业管制清单指数显著抑制上游企业创新,但对下游企业创新影响不明显。影响机制方面,美国商业管制清单主要通过产品规模渠道和商业信贷渠道影响中国上下游企业创新。异质性分析发现,美国商业管制清单对上下游企业创新的影响会因创新性质、企业性质、企业所在行业特征、企业间距离远近的不同而有所差异。文章为理解美国商业管制清单和供应链管理提供了新的视角,中国企业应做好供应链上游风险监测,提高供应链管理水平。

Commerce Control List not only affects the innovation activities of directly sanctioned firms,but also generates spillover effects on the innovation of upstream and downstream firms through the supply chain mechanism.The article uses the 2013~2021 Commerce Control List and Chinese A-share listed firms'innovation data to examine the spillover effects on upstream and downstream firms'innovation after the target firms are affected by the Commerce Control List.The study finds that the Commerce Control List significantly inhibits upstream firms'innovation,but has no significant effect on downstream firms'innovation.In terms of the impact mechanism,the Commerce Control List affects upstream and downstream firms'innovation through the product scale channel and the commercial credit channel.Heterogeneity analysis finds that the impact of the Commerce Control List on upstream and downstream firms'innovation varies according to the nature of innovation,the nature of the firm,the characteristics of the industry in which the firm is located,and the proximity of the firms to each other.This paper provides a new perspective for understanding the Commerce Control List and supply chain management.Enterprises should do a good job of risk monitoring in the supply chain and improve supply chain management.