一、题目：The China-U.S. Tech War, Domestic Product Substitution, and Firm Innovation: Evidence from the Entity List Policy
余明桂，中南财经政法大学金融学院教授，院长。主持7项国家自然科学基金研究项目，在《经济研究》、《管理世界》、《经济学季刊》、《中国工业经济》、《金融研究》、Pacific-Basin Finance Journal、Economic Modelling等期刊发表论文70余篇，多篇论文入选高被引论文排行榜前列。入选2013年教育部新世纪优秀人才支持计划，担任Accounting and Finance等期刊编辑。
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.