贸易环境不确定性与企业创新--来自中国上市公司的经验证据  

Trade-related Environmental Uncertainty and Firm’s Innovation:Evidence from Chinese Listed Firms

作　　者：魏明海[1] 刘秀梅[2] Wei Minghai;Liu Xiumei(Center for Accounting,Finance and Institutions,Sun Yat-sen University;School of Business,Sun Yat-sen University)

机构地区：[1]中山大学现代会计与财务研究中心 [2]中山大学管理学院

出　　处：《南开管理评论》2021年第5期16-25,I0003,I0004,共12页Nankai Business Review

基　　金：国家自然科学基金项目(71772181)资助。

摘　　要：随着国际贸易保护主义愈演愈烈和新冠疫情的冲击,我国企业所处的贸易环境不确定性明显增强,贸易风险不断增加。结合世界银行全球反倾销反补贴数据库和中国海关数据库的数据,本文构建了公司层面的贸易环境不确定性指标,通过选取2003-2016年我国2704家上市公司20497个研究样本,运用DID模型分析了贸易环境不确定性对企业创新的影响。实证结果表明:贸易环境不确定性对企业创新存在倒逼效应,即随着贸易环境不确定性上升,企业的研发投入和专利申请数量均显著增加;贸易环境不确定性越高,倒逼效应越显著。进一步研究发现,贸易环境不确定性对企业创新的影响具有很强的异质性:就融资约束较高的公司而言,贸易环境不确定性增强之后,由于公司缺乏稳定的市场资源,企业创新并未显著提升;公司出口规模越大、出口收入越集中于少数国家,贸易环境不确定性对企业创新的倒逼效应越强;而企业出口国家的数量越多、出口目的地国家与中国的双边关系越好,贸易环境不确定性对企业创新的倒逼效应越弱。With rampant international trade protectionism and COVID-19,Chinese firms are facing increasingly serious trade-related environment uncertainty and risks.In this paper,using antidumping and countervailing database from the World Bank and China Customs database,we investigate how increased trade-related environmental uncertainty affects firm’s innovation using DID model and end up with 2704 listed firms and 20497 firm-year observations in 2003-2016.We find increased trade-related environmental uncertainty will force firms to put more efforts in innovation in terms of the number of patent applications and R&D expenditures.Furthermore,this impact of trade environment uncertainty on firm’s innovation is highly heterogeneous:the impact is less pronounced for firms with high financing constraints due to lack of stable market resources,and for firms who export to more countries,and for better bilateral relationship between China and overseas countries.Finally,for firms with high export dependence and more concentrated export trade in few countries,this impact will be more pronounced.Our research is helpful to understand and evaluate the impact of trade environment uncertainty on China’s economy and society from multiple and newly perspectives.Although the uncertainty of the trade environment will bring a variety of risks to firms,it will also force firms to put more effort into innovation activities to cope with the adverse impact brought by the uncertainty of the trade environment,which is conducive to the industrial transformation and upgrading of firms and the high-quality development of China`s economy.As we all know,innovation is the key to China`s transformation and to realize the upgrade of manufacturing industry in the global value chain.According to our research,innovation is an important way for firms to deal with external unstable factors and adapt to trade uncertainty.The results of this paper also provide practical basis for firms to enhance innovation practice in dealing with the new trade situation.

关 键 词：贸易环境 不确定性 企业创新 倒逼效应 

分 类 号：F832.51[经济管理—金融学] F273.1F740