西安石油大学学报（社会科学版）2025，Vol.34Issue(6)：30-44,15.
关税冲击对企业全要素生产率的影响研究
Research on the Impact of Tariff Shocks on the Total Factor Productivity of Enterprises
摘要
Abstract
In the context of continued uncertainty in the international trade environment,the US tariff pol-icy has brought a significant negative impact on Chinese enterprises.Based on the data of listed companies in Shanghai and Shenzhen from 2011 to 2023,this paper systematically studied the impact of the US tariff in-crease on the total factor productivity of Chinese enterprises and its mechanism of action.It is found in the re-search that tariff shocks have significantly reduced the total factor productivity of enterprises,demonstrating ob-vious"profit squeeze"and"risk aversion"effects.Mechanism analysis indicates that,first of all,the increase in tariffs has raised the operating costs of enterprises.To cope with the compression of profits,enterprises have no choice but to cut their investment in research and development,which has suppressed technological innova-tion and efficiency improvement.Secondly,the environmental uncertainty caused by tariff policies has signifi-cantly increased.Enterprises have become more cautious in investment,expansion and innovation,reducing production flexibility and efficiency.Heterogeneity analysis shows that the tariff shock mainly reduces the total factor productivity of manufacturing enterprises,and the negative impact of tariff shock on high-tech manufac-turing enterprises is more significant due to their higher dependence on overseas markets,while non-high-tech manufacturing enterprises are less affected.Furthermore,the impact of tariff shocks on manufacturing en-terprises with high levels of government subsidies and human capital is relatively small,indicating that govern-ment policies and enterprise human capital are the keys to stabilizing the total factor productivity of manufac-turing enterprises.The research results of this paper provide micro-evidence for a comprehensive understand-ing of the changes in enterprise production efficiency under the background of trade frictions,and also offer an empirical basis and policy implications for formulating targeted support policies and effectively alleviating the impact of tariffs.关键词
关税冲击/企业全要素生产率/技术创新/环境不确定性Key words
tariff impact/total factor productivity of enterprises/technological innovation/environmental uncertainty分类
管理科学引用本文复制引用
LI Jun..关税冲击对企业全要素生产率的影响研究[J].西安石油大学学报（社会科学版）,2025,34(6):30-44,15.基金项目
陕西省哲学社会科学研究专项"推进陕西省能源供给结构转型与可持续发展的路径研究"(2025QN0565) （2025QN0565）
西安市社会科学规划基金项目"推进西安可再生能源供需协同发展的路径研究"(25JX126). （25JX126）
