Research on Peer Information Spillover Effects of Technology Embargo on R&D Investment
In order to safeguard its own scientific and technological advantages,the U.S.has been implementing a policy of high-tech technology embargo on foreign countries.With the improvement of China's economic level and science and technology level,the developed countries such as the U.S.have less and less technological advantages over China.The U.S.began to gradually implement a technology embargo on China.Once an enterprise is blocked by the U.S.,the whole industry will face uncertainty of future development,so will these enterprises invest more to break through the"choke"technology,or turn to low-end development mode?According to a study of non-financial companies listed on the A-share market in China from 2011 to 2021,the technology embargo will lead to an increase in R&D investment for the entire industry,and the higher the level of innovation,the greater the increase.The subsample robustness of state-owned and non-state-owned firms also supports this result,and state-owned firms are more sensitive to technology embargoes and increase their R&D investment more.Placebo tests and parallel trend tests also verify the reliability of the paper's findings.This result implies that although openness is beneficial for economic and technological advancement,the development strategy of independent innovation should always be adhered to.
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