Xiaowei Lin , Pengdong Zhang , Zhihao Yang , Sicen Chen
{"title":"美国制裁与企业创新:来自中国上市公司的证据","authors":"Xiaowei Lin , Pengdong Zhang , Zhihao Yang , Sicen Chen","doi":"10.1016/j.iref.2025.103935","DOIUrl":null,"url":null,"abstract":"<div><div>Competition in the domains of science and technology has emerged as a central aspect of the rivalry between China and the United States. In response to national security concerns and foreign policy objectives, the U.S. government has placed numerous Chinese high-tech companies on its entity list to impede their development. This paper utilizes the imposition of U.S. entity list sanctions as an exogenous shock to investigate the impact of these sanctions on innovation within Chinese firms. Our findings indicate that U.S. sanctions stimulate both innovation inputs and outputs among Chinese companies. Following their inclusion on the U.S. sanctions list, these firms experience an increase in government subsidies and are perceived as possessing enhanced investment value. Moreover, the influence of U.S. sanctions on innovation is particularly pronounced when companies encounter intense competition in product markets and have access to substantial internal talent reserves.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103935"},"PeriodicalIF":5.6000,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"US sanctions and corporate innovation: Evidence from Chinese listed firms\",\"authors\":\"Xiaowei Lin , Pengdong Zhang , Zhihao Yang , Sicen Chen\",\"doi\":\"10.1016/j.iref.2025.103935\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Competition in the domains of science and technology has emerged as a central aspect of the rivalry between China and the United States. In response to national security concerns and foreign policy objectives, the U.S. government has placed numerous Chinese high-tech companies on its entity list to impede their development. This paper utilizes the imposition of U.S. entity list sanctions as an exogenous shock to investigate the impact of these sanctions on innovation within Chinese firms. Our findings indicate that U.S. sanctions stimulate both innovation inputs and outputs among Chinese companies. Following their inclusion on the U.S. sanctions list, these firms experience an increase in government subsidies and are perceived as possessing enhanced investment value. Moreover, the influence of U.S. sanctions on innovation is particularly pronounced when companies encounter intense competition in product markets and have access to substantial internal talent reserves.</div></div>\",\"PeriodicalId\":14444,\"journal\":{\"name\":\"International Review of Economics & Finance\",\"volume\":\"98 \",\"pages\":\"Article 103935\"},\"PeriodicalIF\":5.6000,\"publicationDate\":\"2025-02-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Economics & Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S105905602500098X\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S105905602500098X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
US sanctions and corporate innovation: Evidence from Chinese listed firms
Competition in the domains of science and technology has emerged as a central aspect of the rivalry between China and the United States. In response to national security concerns and foreign policy objectives, the U.S. government has placed numerous Chinese high-tech companies on its entity list to impede their development. This paper utilizes the imposition of U.S. entity list sanctions as an exogenous shock to investigate the impact of these sanctions on innovation within Chinese firms. Our findings indicate that U.S. sanctions stimulate both innovation inputs and outputs among Chinese companies. Following their inclusion on the U.S. sanctions list, these firms experience an increase in government subsidies and are perceived as possessing enhanced investment value. Moreover, the influence of U.S. sanctions on innovation is particularly pronounced when companies encounter intense competition in product markets and have access to substantial internal talent reserves.
期刊介绍:
The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.