近年来美国对中国采取经济和科技竞争压制的背景下,国内经济增长速度趋于放缓,很多企业就出现了脱实就虚趋向的风险问题。文章通过构建企业脱虚就实趋势的相关指标,基于2017—2022年国内各地区上市公司数据,采用双重差分模型研究2018年后中美贸易摩擦背景下国内各地区企业是否会改变原先脱实就虚趋势,从而更加聚焦实业发展。结果表明,中美贸易摩擦对涉及的上市公司企业脱虚向实有促进作用;同时,中美贸易摩擦这一事件对我国经济发达地区的企业脱虚向实影响更为显著。通过改变样本区间和变换被解释变量进行稳健性检验,发现上述结论仍然成立。进一步分析,中美贸易摩擦涉及行业中的企业会对未涉及行业的企业产生溢出效应,国有企业和机构持股的企业脱虚向实外溢效应明显。中美贸易摩擦同样也会对中国经济不确定性程度和企业研发能力产生影响,进而影响企业的脱虚向实程度,研究发现这两者作用机制都对企业脱虚向实程度显著。
In recent years,the United States has taken economic and technological competition against China,the domestic economic growth rate has tended to slow down,many enterprises have faced the risk which is from real economy to virtual economy. This paper constructs the indicators of enterprise transition from virtual economy to real economy. Based on the data of listed companies in various regions of China from 2017 to 2022,it uses the difference-in-difference model to study whether domestic enterprises in various regions have changed their original trend of turning off from real economy to virtual economy in the context of the Sino-US trade friction,thereby focusing more on industrial development. The research results show that the Sino-US trade war has a promoting effect on the listed enterprises' transition from virtual economy to real economy. At the same time,the Sino-US trade friction has obvious impact on enterprise transition from virtual economy to real economy in economically developed regions of China. This article conducts a robustness test by changing the sample interval and changing the explained variables,and finds that the above conclusions are still valid. Further analysis shows that the enterprises in the industries involved in Sino-US trade friction will have spillover effects on the other enterprises,state-owned enterprises and enterprises with institutional shareholding both show the obvious spillover effects in term of enterprise transition from virtual economy to real economy. Trade friction between China and the United States will also affect the degree of uncertainty in China and the R&D capabilities of enterprises,and then affect the degree of enterprise transition from virtual economy to real economy,it's found that both of these mechanisms are significant to the degree of enterprise transition from virtual economy to real economy.
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