技术封锁对企业创新策略选择的影响——基于美对华“实体清单”的经验证据  

The Impact of Technology Blockade on Enterprises’Choice of Innovation Strategy——Empirical Evidence Based on the U.S.Entity List with China

作　　者：程仲鸣[1] 陈宇航 Cheng Zhongming;Chen Yuhang(Business School,Wenzhou University,Wenzhou 325000,China)

机构地区：[1]温州大学商学院,浙江温州325000

出　　处：《中国科技论坛》2023年第2期135-145,共11页Forum on Science and Technology in China

基　　金：浙江省软科学重点项目“贸易保护对长三角企业技术创新的影响机理及提升策略研究:基于海外并购的视角”(2022C25006);国家社会科学基金项目“逆全球化背景下美国贸易壁垒对中国企业技术创新选择的影响机理及应对策略研究”(20BGL048);温州大学研究生科研课题项目(2022kx246)。

摘　　要：本文以美对华实施的出口管制实体清单为场景,分析技术封锁影响中国企业技术创新策略选择的内在机理。研究发现:美对华实施的技术封锁显著影响中国企业的创新策略选择,即抑制企业的策略性创新,但促进企业的实质性创新。在民营企业、高投资者关注度企业、高政府补助企业和南方地区的企业,技术封锁更能促进其实质性创新。机制检验表明,非效率投资是技术封锁影响企业实质性创新的主要渠道,融资约束是技术封锁影响企业策略性创新的主要渠道。进一步分析发现,实质性创新有利于缓解技术封锁加剧的企业股价崩盘风险。本文的研究结论深化了企业创新策略选择的相关研究,有助于科学评价和破解美对华的技术封锁,为关键技术的自主突破提供经验证据。This paper takes the export control entity list implemented by the United States to China as a scenario,and analyzes the internal mechanism of technological blockade affecting the choice of technological innovation strategies of Chinese enterprises.The study found that the technological blockade imposed by the United States on China significantly affects the choice of innovation strategies of Chinese enterprises,that is,it inhibits the strategic innovation of enterprises,but promotes the substantive innovation of enterprises.In private enterprises,enterprises with high investor concern,enterprises with high government subsidy enterprises and enterprises in the southern region,technology blockade can promote substantive innovation.The mechanism test conclusion shows that inefficient investment is the main channel for technology blockade to affect the substantive innovation of enterprises,and financing constraints are the technology blockade affects corporate strategy main channel of sexual innovation.Further analysis found that substantive innovation is conducive to alleviating the risk of corporate stock price crash that has been exacerbated by technological blockades.The conclusions of this paper deepen the relevant research on corporate innovation selection strategies,help to scientifically evaluate and break the US technology blockade against China and provide empirical evidence for the independent breakthrough of key technology.

关 键 词：技术封锁 企业创新策略 非效率投资 融资约束 

分 类 号：F752[经济管理—国际贸易]