美国实体清单制裁对我国上市公司全要素生产率的同群效应分析

在中美贸易摩擦的背景下，美国商务部工业与安全局(BIS)发布的出口管制实体清单(下文简称“实体清单”)对我国企业带来了外部冲击。本文以2016-2022年的A股上市公司为样本，运用多期双重差分(DID)模型检验了 2018-2022年BIS 历次发布实体清单对我国相关企业全要素生产率的影响及机制。本文研究发现。所属行业被列人实体清单未能阳碍我国企业发展，相反显著提高了企业全要素生产率。进一步分析发现，相对于国有企业、大型企业、行业集中度高的企业和中、西部地区企业，出口管制实体清单对民营企业、中小型企业、行业集中度低的企业和东部地区企业的全要素生产率的促进作用更强这一作用机制主要通过减少企业的代理成本和降低管理者短视主义倾向来实现。为此，我国需要重视企业治理能力的提升，并根据产业结构、企业规模和区域发展水平等导质性因素提出有针对性的应对策略:同时需深化市场化改革，促进生产要素自由流动、维护公平有序的市场竞争，激发市场活力。

The lmpact of the US Entity List Sanctions on the Total Factor Productivity of Chinese Firms

In the context of the economic and trade conficts between China and the United States, the Entity List released bythe Bureay of industry and Security (BlS) of the US Department of Commerce has an important impact on the developmentof Chinese listed firms. Taking A-share companies from 2016 to 2022 as samples, this paper uses the multi-phase dliferentin-diferent (DlD) model to test the impact and mechanism of Entity List released by BlS from 2018 to 2022 on the total factoproductivity of relevant listed firms in China. This paper finds that the inclusion of industry in the entity list significantyimproves the total factor productivity of related listed firms. Further analysis shows that compared with state-owned firmslarge firms, firms in central and wester regions, and firms with high industry concentration, the Entity List has a strongerpromoting efect on the total factor productivity of private fims, small and medium-sized firms, fims in eastemn regions andfirms in low industry concentration. This mechanism is mainly realized by reducing the agency cost and managerial myopiaTherefore, it is necessary to pay attention to the improvement of listed firms'' governance ability, and put forward countelmeasures according to the factors such as industrial structure, firm scale and recional development level. At the same timewe will deepen market-oriented reform, promote the free fiow of production factors, maintain fair and orderly marketcompetition, and stimulate market vitality.