摘要
为应对美国出口管制对中国企业发展质量造成的不利冲击,借助双固定效应回归模型,以对华实体清单作为出口管制代表,利用2017—2022年中国A股上市公司数据,实证研究美国出口管制对中国企业全要素生产率产生的影响、作用机制以及政府补贴在其中发挥的作用。研究认为,美国出口管制通过加剧企业财务困境和强化企业管理者短视,抑制了中国企业全要素生产率提升,并对国有、低政府补贴强度和高新技术行业的企业冲击更为显著;政府补贴有效缓解了美国出口管制对中国企业全要素生产率造成的负面影响,并对中小型、非多元化经营和具有海外经历高管的企业补助效果更好;将政府补贴类型细分后发现研发补贴的调节效果优于非研发补贴;美国出口管制对中国企业全要素生产率的影响在不同时期存在显著差异;长期来看,美国出口管制对中国企业全要素生产率造成的负面影响在不断减弱。研究表明,应重视政府补贴的合理使用、提升企业管理综合水平、推动企业自主创新能力持续提升。
To address the adverse impact of U.S.export controls on the development quality of Chinese enterprises,by employing a two-way fixed effects regression model,using the Entity List as a proxy for export controls,and based on data from A-share listed companies in China from 2017 to 2022,this study empirically examines the impact and functioning mechanisms of U.S.export controls on the total factor productivity(TFP)of Chinese enterprises,as well as the role of government subsidies in this context.The findings suggest that U.S.export controls suppress the improvement of the TFP of Chinese enterprises by aggravating financial distress and reinforcing managerial short-termism.The negative effects are more pronounced for state-owned enterprises,enterprises receiving lower levels of government subsidies,and those in high-tech industries.Government subsidies effectively mitigate the adverse effects of U.S.export controls on the TFP of Chinese enterprises,with more substantial benefits observed in small and medium-sized enterprises,non-diversified enterprises,and enterprises with executives who have overseas experience.A further breakdown of subsidy types reveals that R&D subsidies have a stronger moderating effect than non-R&D subsidies.The impact of U.S.export controls on the TFP of Chinese enterprises varies significantly across different periods,and in the long run,the negative effects are gradually diminishing.The study highlights the importance of the rational use of government subsidies,enhancing comprehensive enterprise management,and promoting sustained innovation capabilities in enterprises.
作者
陈芳
邱斌
户华玉
CHEN Fang;QIU Bin;HU Huayu(School of Economics,Anhui University,Hefei 230601,Anhui,China;Yangtze River Delta Integrated Development Research Institute,Anhui University,Hefei 230601,Anhui,China)
出处
《长安大学学报(社会科学版)》
2025年第2期32-47,共16页
Journal of Chang'an University(Social Science Edition)
基金
国家社会科学基金项目(20BJL101)。
