中美贸易诉讼、研发投入与企业创新  

Sino-US Trade Litigation,R&D Investment and Technological Innovation

作　　者：姚颐[1] 凌玥 李岩琼 Yao Yi;Ling Yue;Li Yanqiong(Business School,Nankai University;School of Economics and Management,Shanxi University)

机构地区：[1]南开大学商学院 [2]山西大学经济与管理学院

出　　处：《南开管理评论》2025年第2期116-127,共12页Nankai Business Review

基　　金：国家自然科学基金项目(72072093、72472074)资助。

摘　　要：本文研究我国上市公司面临美国政府的贸易诉讼调查一事对企业创新投入和创新产出产生的影响。本文将海关数据库与我国上市公司数据库进行匹配,对超过300万条海量数据进行分析,采用多时点双重差分模型,发现美国政府发起的贸易诉讼迫使我国出口企业进行更多的创新,即以增加研发投入和专利申请应对贸易打击。进一步研究发现,企业所处行业的全球价值链GVC指数、是否为高新技术企业这两个机制可发挥调节作用。最后,本文发现这些创新是实质性创新,证据是在遭受贸易诉讼后,企业创新产出与未来四到六年的营业利润率呈显著正相关。为了保证结论的有效性,本文进行了大量的稳健性检验。本研究探讨了中美贸易高度不确定性对我国上市公司创新战略产生的影响,研究结论为监管层监管和企业应对出口挑战提供了理论和数据支持。Since 1997,the United States has become China’s largest export market,while simultaneously initiating a series of persistent trade litigations that have had substantial adverse impacts on Chinese export enterprises.Unlike previous studies,which typically examine trade litigations against China from a global perspective,this research focuses specifically on Sino-US trade litigations.It addresses the following core questions:How have Chinese publicly listed companies responded to the continuous trade litigations initiated by the United States?Have these litigations incentivized listed companies to increase their R&D investments and innovation outputs?What mechanisms drive these innovations?Are such R&D investments and innovation outputs short-term strategies to obtain government subsidies or tax reductions,or do they yield genuine profit growth for the companies?Using data from China’s customs database for the period 2006–2016,this study identifies 3.16 million export records involving listed companies and their subsidiaries or branches.Given the limitations in financial statement disclosures—where listed companies often provide imprecise classifications such as“domestic revenue”or“overseas revenue”and rarely specify export destinations—it is challenging to conduct a detailed and accurate analysis of export activities solely based on financial reports.To address this gap,customs data was utilized to obtain precise export records.These records were then mapped to listed companies and combined with data on their innovation activities,corporate characteristics,and financial conditions,resulting in a dataset comprising 13,207 firm-year observations.The empirical analysis examines the impact of trade litigations on corporate R&D investments and innovation outputs,explores the role of global value chain(GVC)positions and high-tech enterprise status as mechanisms,and evaluates whether innovation outputs translate into tangible increases in operating profit margins.The study further reinforces the robustn

关 键 词：贸易诉讼 出口 创新 研发投入 信息披露 

分 类 号：F27[经济管理—企业管理]