一、題目：The China-U.S. Tech War, Domestic Product Substitution, and Firm Innovation: Evidence from the Entity List Policy

二、主講人：

餘明桂，中南财經政法大學bevictor伟德官网教授，院長。主持7項國家自然科學基金研究項目，在《經濟研究》、《管理世界》、《經濟學季刊》、《中國工業經濟》、《金融研究》、Pacific-Basin Finance Journal、Economic Modelling等期刊發表論文70餘篇，多篇論文入選高被引論文排行榜前列。入選2013年教育部新世紀優秀人才支持計劃，擔任Accounting and Finance等期刊編輯。

三、時間：2022年5月26日19:30-21:00

四、地點：騰訊會議 ID：540-957-689

五、主持人： 黃志剛教授，bevictor伟德官网副院長

六、内容簡介：

We examine the impact of the China-U.S. tech war on Chinese domestic corporate innovation. We use the China-U.S. tech war as a natural experiment, which bans American firms from exporting high-tech products and technologies to sanctioned Chinese companies by adding nearly 500 Chinese entities to the Entity List. However, as for the domestic potential suppliers of the entity-listed Chinese companies, the China-U.S. tech war reduces import competition and expands domestic market size from American suppliers, which spurs corporate innovation. We first employ a difference-in-differences identification strategy to show that the domestic potential suppliers, especially those far from the frontier, see an increase in R&D since the China-U.S. tech war, driven by reduced import competition and market expansion. Further analyses show that the positive effect is stronger in firms with higher human capital, and non-state ownership. Second, we also find that the domestic potential suppliers see an increase in invention patents granted. In addition, the positive effect translates into significant firm value gains. We suggest our results as evidence that the positive impact of the tech war propagates through the global supply chain. Although the China-U.S. tech war deals a severe blow to the entity-listed firms, it stimulates innovation and brings unexpected benefits to upstream Chinese firms.