摘要
在贸易政策不确定性走高背景下,以2007—2021年A股非金融类出口上市企业为样本,通过构建固定效应模型,探讨了贸易政策不确定性与出口企业创新持续性的关系,这对于我国加快实施创新驱动发展战略和建设贸易强国具有重要意义。研究发现:贸易政策不确定性上升将显著抑制出口企业创新持续性,且抑制作用在非国有、成长期及通过高新技术认定的出口企业中表现更为明显;机制分析表明,贸易政策不确定性上升会降低出口企业的经营收益,加剧出口企业金融错配和技术人员流失,进而对出口企业创新持续性产生抑制作用;拓展性分析显示,出口企业较高的政策不确定性感知能力可以削弱贸易政策不确定性上升对其创新持续性产生的不利影响。在逆全球化之风盛行的背景下,这些发现将为我国出口企业防范化解重大风险及政府制定、实施相关政策提供理论和经验支持。
In the context of rising trade policy uncertainty,this papertakes samples of A-share non-finan-cial listed exporting companies from 2007 to 2021 to explores the relationship between trade policy uncer-tainty and the innovation sustainability of exporting companies by constructing a fixed-effect model.This re-search holds significant implications for China's acceleration ofits innovation-driven development strategy and its goal of becoming atrading powerhouse.The findings reveal that the rising trade policy uncertainty sig-nificantly inhibits the sustainability of innovation among export-oriented companies,with a more pro-nounced inhibitory effect observed in non-state-owned companies,those in their growth phase,and those classified as high-tech entities.Mechanism analysis indicates that increasing trade policy uncertainty reduc-es the operating income of exporting companies,exacerbates financial mismatches within these companiess,and contributes to the loss of technical personnel,thereby impeding the sustainability of innovation.The ex-tended analysis demonstrates that exporting companies with a heightened perception of policy uncertainty possess the ability to mitigate the adverse effects of rising trade policy uncertainty on their innovation sustain-ability.In the prevailing winds of deglobalization,these findings will serve to help Chinese export-oriented companies preempt and alleviate significant risks while offering theoretical and empirical support to the gov-ernment in formulating and implementing relevant policies.
作者
安占然
王帅
AN Zhan-ran;WANG Shuai(School of International Economics and Trade,Lanzhou University of Finance and Economics,Lanzhou 730020,China)
出处
《兰州财经大学学报》
2023年第6期97-109,共13页
Journal of Lanzhou University of Finance and Economics
基金
教育部社会科学基金后期资助一般项目“双循环背景下数字经济驱动贸易高质量发展的路径研究”(22JHQ062)。
关键词
贸易政策不确定性
出口企业创新持续性
政策不确定性感知能力
创新投入
trade policy uncertainty
innovation sustainablity of exporting companies
policy uncer-tainty perception
innovation investment
