中美贸易摩擦对异质性企业的影响——基于中国A股上市公司的事件研究

随着中国对外贸易的蓬勃发展，双边贸易摩擦事件也日益增多，这种外部贸易摩擦究竟会对中国微观主体产生怎样的影响?基于中美贸易摩擦的背景，以中国A股上市公司为研究样本，采用事件研究法实证检验外部贸易摩擦的微观主体效应。研究结果表明，中美贸易摩擦对生产率、规模、要素密集度、所有权属性不同的企业的影响均存在显著差异，具体而言，中美贸易摩擦对高生产率企业、大规模企业、低劳动密集度企业与民营企业的影响相对更大。进一步研究发现，采用不同企业异质性衡量指标的检验结果最终均可归结于企业全要素生产率，即全要素生产率是企业在中美贸易摩擦中所受影响程度大小的决定因素，而且生产率越高的企业所受影响程度越大。该研究结果有助于理解中美贸易摩擦的微观主体效应，从而为中国更好地解决外部贸易摩擦与促进国内经济转型提供借鉴和参考。

Impact of Sino-US Trade Friction on Heterogeneous Firms: An Event Study Based on China's A-share Listed Firms

With the vigorous development of China's foreign trade, bilateral trade frictions are increasing. What impact will such external trade frictions have on China's micro subjects? Based on the background of Sino-US trade frictions, this paper investigates the micro-subject effects of bilateral trade friction by applying Event Study method and using the data of China's A-share listed firms. The results show that the impact of Sino-US trade friction on heterogeneous firms is significantly different. Specifically, Sino-US trade friction has a relatively greater impact on high-productivity firms, large-scale firms, low-labor-intensive firms and private firms. Further study finds that the above results using different indicators for firms' heterogeneities finally can be attributed to the level of total factor productivity of firms, that is, total factor productivity is the determinant of the impact on firms. The results of this paper are helpful for understanding the micro subject effects of Sino-US trade friction, and provide reference for China to better solve external trade friction and promote domestic economic transformation.