Abstract: The trade war triggered by the United States has brought great uncertainty to the trading environment on Chinese enterprises. Based on the text mining method and difference in difference(DID) model, this paper distinguished the enterprises' perception of uncertainty and investigated the impact on enterprises' R&D investment by Sino-US trade war. The empirical results show that: firms affected by Sino-US trade frictions significantly increase R&D investment, and the robustness tests show that this promoting effect is robust. Further research shows that the impact of Sino-US trade friction on R&D investment has strong heterogeneity: the promotion effect is more obvious in state-owned enterprises and low financing constraints enterprises.

摘要： 美国单方面发起的本轮贸易战，给中国企业所处的发展环境带来了极大的不确定性。本文通过文本挖掘技术在微观层面上识别出感知到贸易战影响的A股上市公司，运用双重差分模型研究中美贸易战对企业研发投资的影响。实证结果表明：受中美贸易战影响的企业显著增加了研发投资，这种倒逼效应在进行多种检验后保持稳健。进一步研究发现行业竞争程度能够正向调节这种倒逼效应，市场竞争越充分对企业研发投资的倒逼效应越大。同时，中美贸易战对研发投资的倒逼效应在国有企业、低融资约束企业以及处于受直接制裁行业更为明显。