美中贸易战对中国企业投资的影响

IF 0.9 Q3 ECONOMICS

INTERNATIONAL ECONOMIC JOURNAL Pub Date : 2023-07-03 DOI:10.1080/10168737.2023.2229282

Yanliang Miao, Xu Fei, Jingyi Sun, Hao‐Yen Yang

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引用次数: 1

摘要

我们利用中国上市公司的详细季度财务数据和公司层面的中国海关数据，研究了美中贸易战对中国公司投资的影响。我们利用贸易战升级期间企业的股权反应，构建了直接贸易敞口的企业层面指标和间接美中贸易紧张敞口的财务指标。我们记录了贸易战使中国企业的投资减少了2%。特别是，我们发现了显著的异质性企业对贸易战的反应，这取决于它们的企业特征。更依赖对美出口的中国公司的股票回报率较低；与小公司和私营企业相比，大公司和国有企业遭受的损失更大。

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The Impact of the US-China Trade War on Chinese Firms' Investment

We study the effects of the US-China trade war on Chinese firms' investment using the detailed quarterly financial data of Chinese listed firms merged with firm-level Chinese customs data. We construct the firm-level measures of direct trade exposure and the financial measures of indirect exposures to the US-China trade tension using firms' equity responses during the trade war escalation periods. We document that the trade war reduced Chinese firms' investment by two percent. In particular, we find significant heterogeneous firms' responses to the trade war, depending on their firm characteristics. Chinese firms that are more dependent on exports to the US have lower stock returns; large firms and state-owned firms suffer more compared to small firms and private-owned ones.

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来源期刊

INTERNATIONAL ECONOMIC JOURNAL Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

2.10

自引率

0.00%

发文量

期刊介绍： International Economic Journal is a peer-reviewed, scholarly journal devoted to publishing high-quality papers and sharing original economics research worldwide. We invite theoretical and empirical papers in the broadly-defined development and international economics areas. Papers in other sub-disciplines of economics (e.g., labor, public, money, macro, industrial organizations, health, environment and history) are also welcome if they contain international or cross-national dimensions in their scope and/or implications.