Trade Friction,Uncertainty Perception and R&D Behavior:Micro Evidence from Chinese Listed Companies
How will firms'R&D behavior change when perceived trade policy uncertainty rises?Based on the annual reports of listed companies from 2007 to 2020,this paper constructs a firm-level trade policy uncertainty perception index through text analysis,and reveals the heterogeneous R&D decisions made by different enterprises after sensing trade policy uncertainty from the micro level.The paper finds that the perceived rise in uncertainty in the trading environment prompts firms to increase their R&D inten-sity,and this effect is mainly reflected in high-tech industries.Among them,enterprises'de-financialization and striving for gov-ernment subsidies are the most important influencing mechanisms,while the improvement of R&D intensity caused by artificially adjusting accounting accounts in order to obtain tax incentives cannot form real R&D results,which is not conducive to the im-provement of enterprises'ability to resist risks.On this basis further research finds that under the influence of the US tariff a-gainst China,the R&D intensity of China's high-tech listed enterprises has significantly increased,and the affected enterprises are trying to explore the path of independent innovation.
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