• 【光华讲坛】Sanctions Impact and Corporate Investment Efficiency: A Study Based on the U.S. Unilateral Control List Against China 制裁冲击与企业投资效率 ——基于美国对华单边管制清单的研究
    发布时间:2024-06-05 查看次数:

    光华讲坛



    主题:Sanctions Impact and Corporate Investment Efficiency: A Study Based on the U.S. Unilateral Control List Against China  制裁冲击与企业投资效率 ——基于美国对华单边管制清单的研究

    主讲人:窦超 副教授

    主持人:澳门bet356体育在线官网 邓博夫 副教授

    时间:2024-06-07, 10:00-11:30

    会议地点:澳门bet356体育在线官网柳林校区诚正楼650会议室

    主办单位:澳门bet356体育在线官网 科研处


    主讲人简介:窦超,中央财经大学商学院副教授,清华大学经济管理学院会计学博士,主要研究领域涉及财务会计与公司金融。目前担任国家自然科学基金通讯评委、多家上市公司独立董事以及中央财经大学商学院博士项目负责人。先后主持国家自然科学基金面上项目与青年项目、教育部人文社会科学青年基金项目以及11项院校级科研、教改基金项目,并荣获中央财经大学青年英才称号、北京市本科优秀毕业论文指导教师以及中国实证会计会议最佳论文奖。近些年先后以第一作者或通讯作者身份在《管理科学学报》、《金融研究》、《中国工业经济》、《财经研究》、《会计研究》、《Journal of Corporate Finance》等国内外权威期刊接受、发表论文30余篇,并担任《管理科学学报》、《世界经济》、《金融研究》、《中国工业经济》、《财经研究》、《会计研究》、《管理评论》、《金融评论》、Journal of Corporate Finance、China Journal of Accounting Studies等中英文核心期刊匿名评审人。


    内容摘要:

    近年来美国不断升级加码对华制裁力度,给我国企业造成了极大的风险挑战,在这一背景下受殃及企业究竟是畏难不前、坐以待毙还是能积极应对、迎难而上?本文基于2007-2021年A股上市公司的财务数据以及美国联邦政府各部门公告的制裁清单,系统识别出受到制裁波及的国内上市公司范畴,并从企业投资效率的视角出发,实证检验了美国制裁冲击对我国企业的综合影响效应。研究发现,现阶段制裁冲击不仅没有达到美方妄图打压我国企业的目的,反而会显著倒逼受波及企业自立自强、提升投资效率,并且当企业面临的制裁强度越大、与被制裁单位之间的关系越紧密及海外关系越强时,这一提升效应更为明显。机制检验结果表明,制裁冲击主要通过倒逼企业增强自身研发创新能力、采取审慎管理决策风格,进而促进其提高投资效率。进一步的实证分析还揭示出企业较强的市场实力和有效的政府扶持手段能够更好地引导受制裁冲击企业提高自身的投资效率。本文的研究发现能够丰富资本市场对制裁冲击影响的认知,辩证地从风险与机遇两方面来综合看待制裁对企业带来的影响,并较好地启示企业、市场及政府机构如何应对经济制裁,帮助相关企业抵御风险、提高效率以确保高质量发展。


    In recent years, the United States has continuously escalated its sanctions against China, posing significant risks and challenges to Chinese companies. Against this backdrop, how do affected companies respond? Do they shrink in fear and passively await their fate, or do they actively confront and overcome difficulties? This paper systematically identifies the scope of domestic listed companies affected by sanctions, based on financial data of A-share listed companies from 2007 to 2021 and the sanctions lists announced by various departments of the U.S. federal government. From the perspective of corporate investment efficiency, this paper empirically examines the comprehensive impact of U.S. sanctions on Chinese companies. The study finds that, at present, the sanctions have not achieved the U.S. objective of suppressing Chinese companies. Instead, they have significantly prompted affected companies to become self-reliant and improve their investment efficiency. The greater the intensity of sanctions, the closer the relationship with sanctioned entities, and the stronger the international ties, the more pronounced this improvement effect is. Mechanism tests indicate that sanctions primarily drive companies to enhance their own R&D and innovation capabilities and adopt prudent management decision-making styles, thereby promoting increased investment efficiency. Further empirical analysis reveals that strong market power and effective government support can better guide sanctioned companies in improving their investment efficiency. The findings of this study enrich the understanding of the impact of sanctions on the capital market, offering a dialectical perspective on the risks and opportunities presented by sanctions. This research provides valuable insights for companies, markets, and government institutions on how to respond to economic sanctions, helping relevant companies mitigate risks, improve efficiency, and ensure high-quality development.


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