研发密集型企业是否更能抵御贸易冲击？来自中美贸易战的证据

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2024-10-15 DOI:10.1016/j.jimonfin.2024.103208

Kenneth A. Kim , Hongjun Xie , Xiaojia Zheng

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引用次数: 0

摘要

我们研究了研究与开发（R&D）密集型中国企业在2018-2019年中美贸易战期间是否更具弹性。通过事件研究，我们证实（不出所料），受美国新关税影响最大的中国出口企业的估值跌幅大于其他企业。然而，在受影响最大的企业中，研发密集型企业的估值下降幅度要小得多。我们还发现了一个能让研发密集型企业更好地吸收贸易冲击的渠道：由于运营效率提高和运营成本降低，这些企业的生产效率在贸易战中得到提高。此外，为应对贸易中断，许多研发密集型中国企业收购了美国企业。

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Are R&D-intensive firms more resilient to trade shocks? Evidence from the U.S.–China trade war

We study whether research and development (R&D)-intensive Chinese firms were more resilient during the 2018–2019 U.S.-China trade war. Using an event study, we confirm that (unsurprisingly) Chinese exporting firms that were most affected by the new U.S. tariffs suffered larger valuation declines than other firms. However, among those most affected, those that were R&D intensive suffered significantly less severe declines. We also identify a channel that allowed R&D-intensive firms to better absorb the trade shock: their production efficiency improved amidst the trade war, due to enhanced operational efficiency and lower operating costs. Furthermore, in response to the trade disruptions, numerous R&D-intensive Chinese companies acquired U.S. firms.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.