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Impact of Sino-US Trade Friction on Heterogeneous Firms: An Event Study Based on China's A-share Listed Firms |
| YUAN Jin1, ZHAO Can1, CHEN Xianmeng2 |
1.School of Economics and Statistics, Guangzhou University
2.School of Economics, Xiamen University |
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Abstract: 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 microsubject effects of Sino-US trade friction, and provide reference for China to better solve external trade friction and promote domestic economic transformation.
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Received: 26 July 2022
Published: 15 September 2022
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2022, Vol. 42 
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