The Impact of the US Entity List Sanctions on the Total Factor Productivity of Chinese Firms
In the context of the economic and trade conflicts between China and the United States,the Entity List released by the Bureau of Industry and Security(BIS)of the US Department of Commerce has an important impact on the development of Chinese listed firms.Taking A-share companies from 2016 to 2022 as samples,this paper uses the multi-phase different-in-different(DID)model to test the impact and mechanism of Entity List released by BIS from 2018 to 2022 on the total factor productivity of relevant listed firms in China.This paper finds that the inclusion of industry in the entity list significantly improves the total factor productivity of related listed firms.Further analysis shows that compared with state-owned firms,large firms,firms in central and western regions,and firms with high industry concentration,the Entity List has a stronger promoting effect on the total factor productivity of private firms,small and medium-sized firms,firms in eastern regions and firms in low industry concentration.This mechanism is mainly realized by reducing the agency cost and managerial myopia.Therefore,it is necessary to pay attention to the improvement of listed firms'governance ability,and put forward counter measures according to the factors such as industrial structure,firm scale and regional development level.At the same time,we will deepen market-oriented reform,promote the free flow of production factors,maintain fair and orderly market competition,and stimulate market vitality.
the entity listtotal factor productivitypeer effectagency problem
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