The US–China trade war and corporate innovation: Evidence from China
研究发现中美贸易战显著减少了中国企业的专利申请数量，尤其是发明专利申请，原因在于市场扩张和创新投入减少；但管理能力强、管理者自信或企业社会责任表现好的公司反而会加大创新以应对竞争。
Abstract This study investigates the effect of the US–China trade war on corporate innovation in the context of China. We find that the first‐order effect of the trade war on corporate innovation is significantly negative. That is, Chinese firms exposed to the US–China trade war have lower numbers of patent applications and invention patent applications. Underlying mechanisms include reductions in market expansion and innovation input. Our findings are more pronounced for firms connected to the United States and those suffering financial distress and for non‐state‐owned enterprises. We further contribute to the literature by showing that firms with developed managerial ability, more confident managers, and better corporate social responsibility performance tend to increase innovation for competitiveness in response to the trade war. Finally, we explore the effect of Chinese retaliatory tariff shocks on corporate innovation and find that US tariffs and Chinese retaliatory tariffs hinder corporate innovation in China.