文献类型：期刊文献

中文题名：西风凛冽,东风何往:美国加征关税与中国企业创新

英文题名：Harsh the Western Wind,Whither the Eastern Breeze:U.S.Additional Tariffs and Chinese Enterprise Innovation

作者：吕金秋[1];车翼[2];张燕[3];俞锦祥[1]

机构：[1]上海交通大学安泰经济与管理学院,上海200030;[2]华东理工大学商学院,上海200237;[3]上海财经大学经济学院,上海200433

年份：2025

卷号：51

期号：4

起止页码：34

中文期刊名：财经研究

外文期刊名：Journal of Finance and Economics

收录：;北大核心:【北大核心2023】；

基金：国家自然科学基金面上项目(72073095);中央高校基本科研业务费专项资金资助;华东理工大学研究生教育教学改革研究项目;上海哲学社会科学基金(2023BJB010)。

语种：中文

中文关键词：加征关税;企业创新;双重差分法

外文关键词：additional tariffs;enterprise innovation;DID

摘要：《企业技术创新能力提升行动方案》的出台旨在强化我国企业在科技创新方面的主体地位。在“逆全球化”和各国科技竞争日趋激烈的背景下,探讨美国加征关税对我国企业创新的影响具有重要意义。为此,文章基于一个带有金融摩擦和企业内生研发决策的国际贸易模型,提出美国加征关税影响企业创新的两个作用渠道:市场规模和融资约束。文章进一步采用合并的上市公司数据、海关数据和关税数据,利用美国加征关税在企业层面的准自然实验构建双重差分模型进行实证检验。实证结果显示:第一,美国加征关税显著降低了我国企业的创新投入和产出;第二,加征关税的负面效应主要由高科技企业和行业不可逆投资更高的企业承担,且地区层面有针对性的政策可以有效抵消美国加征关税对企业创新的负面影响;第三,从作用渠道来看,加征关税主要通过市场规模效应和融资约束渠道发挥作用。综上所述,我国要积极采取相应措施应对中美贸易摩擦,充分发挥企业创新对推动经济高质量发展的重要支撑作用。
In the context of anti-globalization and increasingly fierce technological competition among countries,exploring the impact of U.S.additional tariffs on Chinese enterprise innovation holds significant re-search value and policy implications.Based on an international trade model incorporating financial frictions and enterprises'endogenous R&D decisions,this paper identifies two key channels through which U.S.addi-tional tariffs affect enterprise innovation:market size and financing constraints.Using a merged dataset com-prising publicly listed companies,customs records,and tariff data,this paper employs a DID model to conduct an empirical analysis,leveraging the quasi-natural experiment of U.S.additional tariffs at the firm level.The empirical results indicate that:First,U.S.additional tariffs significantly reduce both innovation input and out-put among Chinese enterprises.Second,the negative effect of additional tariffs is primarily borne by high-tech enterprises and those with higher industry-specific irreversible investments,while regionally targeted policies can effectively mitigate the adverse impact of U.S.additional tariffs on enterprise innovation.Third,in terms of mechanisms,the impact of additional tariffs operates mainly through market size effects and financing con-straints,confirming the hypotheses proposed by the theoretical model.This paper has the following contributions:First,by taking U.S.additional tariffs as a quasi-natural exper-iment and precisely identifying the treatment enterprises based on firm-level import and export tariff calcula-tions,it provides a valuable supplement to the existing literature on trade frictions.Second,within the frame-work of an open economy,it constructs an international trade model incorporating financial frictions and enter-prises'endogenous R&D decisions,integrating market size and financing constraints into a unified analytical framework,which reveals their interactive effects in reducing R&D investment under intensified trade fric-tions.The empirical analysis,based on firm-level microdata,further validates the theoretical hypotheses,ex-panding the scope of research on the determinants of enterprise innovation and offering new empirical evid-ence on the micro-level mechanisms through which trade frictions affect innovation dynamics.Third,the find-ings underscore that the synergy between national macroeconomic policies and enterprise innovation can ef-fectively mitigate the adverse shocks of the complex international environment,counteract the risks of eco-nomic decoupling and supply chain disruptions,and promote deep industrial transformation and upgrading.