The influence of the U.S.export controls against China on the technological innovation inputs of Chinese corporates
With the U.S.export controls against China as a quasi-natural experiment,a sample of firms in the U.S.entity list from the fourth quarter of 2018 to the first quarter of 2022 are examined within a multiphase difference-in-differences model.While comparing the differences in the technological innovation inputs before and after the corporates experience the U.S.export controls,this paper empirically examines the impact of the U.S.export controls against China on the technological innovation inputs of Chinese corporates and its working mechanism.Results show that the U.S.export controls against China significantly inhibit the technological innovation inputs of Chinese corporates.This impact consistently lasts through the second and third periods after the implementation of the U.S.sanction,gradually diminishes over time,and eventually shifts to a positive stimulation in the fifth period.The results of the heterogeneity analysis indicate that the corporates with the high leverage or in the lower marketization level are more significantly affected by the U.S.export controls against China,compared with other corporates.The results of the mechanism analysis suggest that the U.S.export control policies against China inhibit the technological innovation inputs of corporates by exacerbating the business risks and financial risks of the regulated corporates.
NETL
NSTL
万方数据
维普
