The impacts of U.S. Section 337 investigations on Chinese technology firms
研究美国337知识产权调查对中国科技企业股价的短期负面冲击和长期价值影响，发现企业通过战略调整（如增加研发、市场多元化）能创造长期价值，且国企和缺风投支持的企业表现更差。
This paper examines the valuation impact of investigations related to the alleged infringement of American intellectual property (IP) rights, specifically Section 337 investigations, on Chinese technology firms. Evidence suggests that the stock market responds negatively to announcements of Section 337 investigations in the short term; however, the long-term price impact varies significantly across firms. When focal firms actively formulate strategic adaptations, such as increasing R&D investments, diversifying international sales, and seeking government support, they enhance their dynamic capabilities, thereby fostering long-term value creation. Moreover, further analysis shows that state-owned enterprises (SOEs) underperform private firms in strategic adaptation and value creation, while firms without venture capital (VC) backing are also worse positioned than VC-backed firms. • The stock market responds negatively to Section 337 investigations in the short term. • The long-term price impact varies significantly across firms. • Firms enhance dynamic capabilities and create value by strategic adaptations. • State-owned enterprises (SOEs) underperform private firms in value creation. • Firms without venture capital (VC) backing are worse positioned than VC-backed firms.