被列入美国“实体清单”对企业创新能力的影响——来自中国A股上市公司的经验证据  

The Impact of Inclusion in the U.S.Entity List on Firms'Innovation Capability:Empirical Evidence from China's A-share Listed Companies

作　　者：滕莉莉[1] 李任龙 Teng Lili;Li Renlong(School of Business,Guangxi University,Nanning 540003,China;School of Economics,Guangxi University,Nanning 540003,China)

机构地区：[1]广西大学工商管理学院,广西南宁540003 [2]广西大学经济学院,广西南宁540003

出　　处：《科技进步与对策》2025年第8期69-80,共12页Science & Technology Progress and Policy

基　　金：国家自然科学基金项目(72161001);高校人文社会科学重点研究基地“广西发展战略研究院”课题项目(2023GDSIYB09)。

摘　　要：大国博弈影响全球发展格局,科技创新能力决定国家竞争力。以2017—2022年1216家中国A股上市公司为样本,采用渐进双重差分模型检验中美博弈对中国企业创新能力的影响及作用路径,结果发现:在被列入“实体清单”的冲击下,中国上市企业创新能力增强,且呈现滞后性和短期性;渠道分析发现,被列入“实体清单”的企业通过储备无形资产、增强成长能力、拓展价值发现渠道促进创新能力提升;异质性分析表明,民营企业以及获得政府补贴、代理成本较低、承担适中和较少社会责任、控制管理层基础薪酬的企业,其创新能力受“实体清单”的正向影响更显著。进一步分析发现,被列入“实体清单”能够提升企业创新效率,但未显著影响创新持续性。原因在于创新绩效的周期效应,而组织韧性是企业创新能力增强的潜在动因。结论基于企业创新视角,可丰富大国博弈与贸易战相关研究,为推动中国关键领域技术创新发展提供经验证据和决策参考。In order to maintain the dominant position occupied by the United States in the global science and technology industry chain,the U.S.Department of Commerce has included Chinese firms in the Entity List,which has intensified the uncertainty of market competition and challenged the innovation capacity of Chinese firms.The Entity List is a coercive economic measure by which the United States attempts to decouple China's science and technology,aiming to curb China's ability to sustain innovation in the high-tech field through trade sanctions,export and investment controls,and a ban on cooperation between Chinese and American enterprises and universities,such as high-level talent training exchanges.The great power game affects the global development pattern,and the capability of scientific and technological innovation has a direct impact on the competitiveness of both sides of the game,and enterprises are the main body of innovation.Therefore,an in-depth study of the impact of the U.S.Entity List on enterprise innovation can help reveal the opportunities and challenges embedded in the event,help enterprises identify bottlenecks in their own innovation and development,adjust their innovation strategies,and seek to develop key technological directions and entry points.At the same time,government departments can more accurately assess and predict the economic and technological risks that may arise from the incident,formulate response programs and countermeasures,and provide support and guidance for the innovative development of enterprises.However,there is inadequate literature that analyzes the impact on firms'innovation capabilities from the perspective of the great power game.Regarding the impact of the Entity List,the existing literature mainly studies the motivation of sanctions,the risk of decoupling and cutting off the industrial and supply chain,the legal logic,and the impact of enterprises'entry into the Entity List on their innovation capability is rarely discussed,and there is no consensus on the impact of the

关 键 词：实体清单 中美博弈 科技脱钩 企业创新能力 渐进双重差分模型 

分 类 号：F273.1[经济管理—企业管理]