据FM官网显示，来自华中科技大学的孔东民和Chen Liu、莫纳什大学的Paresh Kumar Narayan、迪肯大学的Susan Sunila Sharma合作撰写的论文“The US–China trade war and corporate innovation: Evidence from China”在国际金融学权威期刊《Financial Management》线上正式发表。
Title: The US–China trade war and corporate innovation: Evidence from China
中美贸易战与企业创新：来自中国的证据
孔东民
华中科技大学
Chen Liu
华中科技大学
Paresh Kumar Narayan
莫纳什大学
Susan Sunila Sharma
迪肯大学
This study investigates the effect of the US–China trade war on corporate innovation in the context of China. We find that the first-order effect of the trade war on corporate innovation is significantly negative. That is, Chinese firms exposed to the US–China trade war have lower numbers of patent applications and invention patent applications. Underlying mechanisms include reductions in market expansion and innovation input. Our findings are more pronounced for firms connected to the United States and those suffering financial distress and for non-state-owned enterprises. We further contribute to the literature by showing that firms with developed managerial ability, more confident managers, and better corporate social responsibility performance tend to increase innovation for competitiveness in response to the trade war. Finally, we explore the effect of Chinese retaliatory tariff shocks on corporate innovation and find that US tariffs and Chinese retaliatory tariffs hinder corporate innovation in China.
本研究调查了中美贸易战对中国企业创新的影响。我们发现，贸易战对企业创新的直接影响显著为负。也就是说，受中美贸易战影响的中国企业专利申请数量和发明专利申请数量都有所降低。背后的机制包括市场扩张和创新投入的减少。我们的发现对于那些与美国有联系的企业以及那些遭受财务困境的企业和非国有企业来说更为明显。我们进一步为文献做出贡献，表明那些管理能力发达、管理者更有信心以及企业社会责任表现更好的企业倾向于为了在贸易战中提高竞争力而增加创新。最后，我们探讨了中国报复性关税冲击对企业创新的影响，发现美国关税和中国的报复性关税阻碍了中国的企業创新。
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