中美贸易摩擦与企业研发投入  

China-US Trade Friction and Enterprise R&D Investment

作　　者：解维敏[1] 郭佳璐 张恒鑫 XIE Weimin;GUO Jialu;ZHANG Hengxin

机构地区：[1]东北财经大学会计学院

出　　处：《国际贸易问题》2024年第4期121-140,共20页Journal of International Trade

基　　金：辽宁省社会科学规划基金重点建设学科项目“‘链长’国有企业对重点产业链供应链韧性和安全水平提升效应与对策研究”(L23ZD023)。

摘　　要：攻克关键核心技术是掌握科技发展主动权,更好地应对外部环境不确定性的重要举措。基于实物期权理论,本文通过整理2018年美国征税清单数据,构建双重差分模型检验中美贸易摩擦对中国企业研发投入的影响。研究发现,中美贸易摩擦会促进受制裁企业增加研发投入,且该结论在一系列稳健性检验后依然成立。机制检验表明,规避市场竞争与成本压力效应是中美贸易摩擦影响企业研发投入的路径机制。异质性分析发现,中美贸易摩擦对企业研发投入的促进作用在一般贸易占比高、全球价值链嵌入程度深以及不存在海外投资的企业中更显著。进一步分析显示,中美贸易摩擦不仅会增加企业研发投入,还有利于提高创新产出和创新质量,促使企业实施自主创新策略。本文为中美贸易摩擦经济后果的相关研究提供了新证据,也为破解当前“卡脖子”难题与实现经济高质量发展提供了有益参考和政策建议。Seeking breakthroughs in key and core technologies is a vital step for mastering the initiative of technological development and better coping with uncertainties of the external environment.Based on real options theory,this study examines the impact of China-US trade friction on Chinese enterprises'R&D investment by constructing a difference-in-differences model to analyze the 2018 US tariff list data.The findings reveal that the China-US trade friction encourages sanctioned firms to increase enterprise R&D investment,which still holds after a series of robustness tests.Mechanism analysis indicates that evading market competition and cost pressure effects are channels through which the China-US trade friction influences enterprise R&D investment.Heterogeneity analysis shows that the promoting effect of the China-US trade friction on enterprise R&D investment is more significant in firms with higher proportions of general trade,deeper integration in the global value chain,or absent with overseas investment.Further analysis demonstrates that the China-US trade friction not only increases enterprise R&D investment but also enhances enterprise innovation output and quality,and prompting the implementation of independent innovation strategies.This study provides new evidence for the economic consequences of the China-US trade friction and offers valuable insights and policy recommendations for tackling bottleneck problems and achieving high-quality economic development.

关 键 词：中美贸易摩擦 企业研发投入 实物期权理论 

分 类 号：F741[经济管理—国际贸易]