美国实体清单制裁对我国上市公司全要素生产率的同群效应分析  

The Impact of the US Entity List Sanctions on the Total Factor Productivity of Chinese Firms

作　　者：杨策 郑建明[2] YANG Ce;ZHENG Jian-ming

机构地区：[1]北京物资学院会计学院 [2]对外经济贸易大学国际商学院

出　　处：《科学决策》2024年第3期21-44,共24页Scientific Decision Making

基　　金：国家社会科学基金重大项目(项目编号:19ZDA101);北京市社会科学基金决策咨询重点项目(项目编号:22JCB044);北京市教委社科一般项目“实体清单对企业财务行为的影响和传导机制研究”。

摘　　要：在中美贸易摩擦的背景下,美国商务部工业与安全局(BIS)发布的出口管制实体清单(下文简称“实体清单”)对我国企业带来了外部冲击。本文以2016-2022年的A股上市公司为样本,运用多期双重差分(DID)模型检验了2018-2022年BIS历次发布实体清单对我国相关企业全要素生产率的影响及机制。本文研究发现,所属行业被列入实体清单未能阻碍我国企业发展,相反显著提高了企业全要素生产率。进一步分析发现,相对于国有企业、大型企业、行业集中度高的企业和中、西部地区企业,出口管制实体清单对民营企业、中小型企业、行业集中度低的企业和东部地区企业的全要素生产率的促进作用更强。这一作用机制主要通过减少企业的代理成本和降低管理者短视主义倾向来实现。为此,我国需要重视企业治理能力的提升,并根据产业结构、企业规模和区域发展水平等异质性因素提出有针对性的应对策略;同时需深化市场化改革,促进生产要素自由流动、维护公平有序的市场竞争,激发市场活力。In the context of the economic and trade conflicts between China and the United States,the Entity List released by the Bureau of Industry and Security(BIS)of the US Department of Commerce has an important impact on the development of Chinese listed firms.Taking A-share companies from 2016 to 2022 as samples,this paper uses the multi-phase differentin-different(DID)model to test the impact and mechanism of Entity List released by BIS from 2018 to 2022 on the total factor productivity of relevant listed firms in China.This paper finds that the inclusion of industry in the entity list significantly improves the total factor productivity of related listed firms.Further analysis shows that compared with state-owned firms,large firms,firms in central and western regions,and firms with high industry concentration,the Entity List has a stronger promoting effect on the total factor productivity of private firms,small and medium-sized firms,firms in eastern regions and firms in low industry concentration.This mechanism is mainly realized by reducing the agency cost and managerial myopia.Therefore,it is necessary to pay attention to the improvement of listed firms’governance ability,and put forward counter measures according to the factors such as industrial structure,firm scale and regional development level.At the same time,we will deepen market-oriented reform,promote the free flow of production factors,maintain fair and orderly market competition,and stimulate market vitality.

关 键 词：实体清单 全要素生产率 同群效应 代理问题 

分 类 号：F272[经济管理—企业管理]