Can"banding together for warmth"cope with the"cold winter"?Trade policy uncertainty and firm's collaborative innovation:empirical evidence from the US-China trade friction
Based on the trade war launched by the US government against China in 2018,this paper examines the impact of trade policy uncertainty on enterprises'collaborative innovation and its mechanisms and economic consequences using a generalized double difference model,and finds that trade policy uncer-tainty drives Chinese enterprises to choose"banding together for warmth"through the mechanisms of in-creasing financing constraints and reducing risk-taking capacity.The study finds that trade policy uncer-tainty drives Chinese firms to seek technological breakthroughs and research and development(R&D)to protect themselves from external risks by increasing financing constraints and reducing risk-taking capaci-ty.The heterogeneity test finds that the driving effect of trade policy uncertainty on collaborative innovation is more significant when listed companies are high-tech enterprises.Digital transformation facilitates the clustering and flow of innovation factors among firms,and higher intellectual property protection reduces the risk of imitation and theft of knowledge in collaborative innovation,so both can strengthen the driving effect of trade policy uncertainty on collaborative innovation.Further differentiation of the subjects of collaborative innovation reveals that when firms face trade policy uncertainty,they tend to choose to collaborate with up-stream and downstream enterprises,universities and research institutes.Moreover,the uncertainty of trade policy can significantly increase the total factor productivity of enterprises in the first,second and third pha-ses of the supply chain,thus confirming that the"collaborative innovation approach"can help enterprises to survive the"cold winter".This paper enriches the research on the driving mechanism of collaborative inno-vation,and also provides a reference for enterprises to seek a rational way out of the rapidly changing exter-nal trade environment by"banding together".
the US-China trade frictioncollaborative innovationfinancing constraintsrisk pooling
万方数据
