中美贸易摩擦对企业持续性数字技术创新的影响研究

Study on the Impact of Sino-US Trade Frictions on Sustainable Digital Technology Innovation in Enterprises

摘要:

本文采用2007-2023年中国A股上市公司数据,基于双重差分法,实证检验中美贸易摩擦对企业持续性数字技术创新的影响及其作用机制。研究结果发现:中美贸易摩擦对受影响企业的持续性数字技术创新具有显著倒逼作用,且这一结果在经过内生性检验和一系列稳健性检验之后,依然成立；该倒逼效应在研发投入强度高、融资约束高、新型基础设施薄弱地区、外部治理环境较好、处于技术密集型行业、位于非资源型城市及内陆城市的企业表现更为突出；机制检验表明,供应链数字化效应和税收优惠效应是中美贸易摩擦影响企业持续性数字技术创新的主要路径；拓展性分析还发现,企业持续性数字技术创新能够显著提高生产经营效率和优化人力资本结构。本文为中国企业应对贸易摩擦提供了相应的政策建议。

Abstract:

This paper uses data from Chinese A-share listed companies from 2007 to 2023 and employs the difference-in-differences method to empirically examine the impact of Sino-US trade friction on firms sustained digital technology innovation and its underlying mechanisms. The research findings reveal that the US-China trade friction exerts a significant coercive effect on the sustained digital technology innovation of affected enterprises, and this result remains valid after endogenous tests and a series of robustness tests. This coercive effect is more pronounced in enterprises with high R&D intensity, high financing constraints, weak new infrastructure, favorable external governance environments, technology-intensive industries, non-resource-based cities, and inland cities. Mechanism tests indicate that supply chain digitalization effects and tax incentive effects are the primary pathways through which Sino-US trade friction influences firms’ sustained digital technology innovation. Expanded analyses further reveal that sustained digital technology innovation can significantly enhance operational efficiency and optimize human capital structure. This paper provides corresponding policy recommendations for Chinese firms in responding to trade friction.