金融投资VS创新导向:中美贸易战冲击下哪类企业更受伤?  

Financial Investment Versus Innovation Orientation: Which Types of Enterprises are More Injured under the Impact of the Sino-US Trade War?

作　　者：崔彦哲 王铁成 赵林丹 CUI Yan-zhe;WANG Tie-cheng;ZHAO Lin-dan(School of Urban Planning and Design,Peking University Shenzhen Graduate School,Shenzhen 518055,China;School of Finance and Trade,Wenzhou Business School,Wenzhou 325000,China;School of Economics,Nankai University,Tianjin 300071,China)

机构地区：[1]北京大学深圳研究生院城市规划与设计学院,广东深圳518055 [2]温州商学院金融贸易学院,浙江温州325000 [3]南开大学经济学院,天津300071

出　　处：《现代财经（天津财经大学学报）》2022年第4期36-51,共16页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金项目(18ZDA093)。

摘　　要：本文采用事件研究法度量了2018-2019年间中美贸易战四次重大时间节点上的冲击对中国上市公司造成的影响,分析了贸易冲击对不同类型的上市公司股价影响的差异。研究结果表明,在面对外部贸易负面冲击时,金融资产配置水平较高的企业股价下跌的程度明显高于金融资产配置水平较低的企业;创新可以在一定程度上抵御负面冲击的影响;路径分析表明,企业金融资产配置主要挤出的是发明专利和实用新型专利这两类自主创新水平较高的专利,导致企业的产品差异化程度降低,从而削弱了企业抵御外部贸易冲击的硬实力,最终引发投资者信心不足。本文的研究可以为政府引导“金融服务实体经济”提供一定的政策参考,为政府有关部门应对不确定的外部贸易环境以及对上市企业金融资产配置行为实施监管提供经验支撑。This paper uses the event study method to measure the impact of the four major time points of the Sino-US trade war on Chinese listed enterprises during 2018-2019 and analyzes the differences in the impact of trade shocks on the stock prices of different types of listed enterprises. The research results show that in the face of negative trade shocks, the stock price of enterprises with higher levels of financial asset allocation falls significantly more than enterprises with lower levels of financial asset allocation. Innovation can resist the impact of negative shocks to a certain extent. The path analysis shows that, the allocation of financial assets mainly squeezes out patents with a relatively high level of independent innovation, such as invention patents and utility model patents, which reduces the degree of product differentiation, thus weakening the hard power of enterprises to resist trade shocks, and ultimately triggered a decline in investor confidence. This paper can provide certain policy reference for the government to guide “financial services to the real economy”, and provide experience support for relevant government departments to deal with the uncertain external trade environment and to supervise the financial asset allocation behavior of listed enterprises.

关 键 词：金融资产配置 国际贸易冲击 事件研究法 企业创新 

分 类 号：F830[经济管理—金融学] F742