Can Innovation Help U.S. Manufacturing Firms Escape Import Competition from China?
研究发现研发密集型企业在面对中国进口冲击时，销售增长和盈利能力的下降幅度显著更小，约减半，因为研发有助于产品差异化。
ABSTRACT We study whether R&D‐intensive firms are more resilient to trade shocks. We correct for the endogeneity of R&D using tax‐induced changes to R&D costs. While rising imports from China lead to slower sales growth and lower profitability, these effects are significantly smaller for firms with a larger stock of R&D (about half when moving from the bottom quartile to the top quartile of R&D). We provide evidence that this effect is explained by R&D allowing firms to increase product differentiation. As a result, while firms in import‐competing industries cut capital expenditures and employment, R&D‐intensive firms downsize considerably less.