Abstract: The suppression of physical inventory in the United States is becoming increasingly frequent, and studying the micro impact mechanism of physical inventory on enterprise innovation has become increasingly important. This article takes 28 entities related to the physical inventory as the research object, and uses the grounded method to construct a "short-term long-term" dual feedback impact mechanism model for enterprises under the impact of the physical inventory. Research has found that: (1) the US entity list is essentially a precise "dynamic targeted" strike, consisting of three links: suppression targets, sanctions measures, and dynamic adjustments, including eight specific sanctions measures, essentially forcing Chinese enterprises to maintain a low level of competitiveness; (2) The impact process is manifested as the evolution from short-term effects to long-term effects: suppressing short-term effects mainly affects four aspects: supply chain, business chain, R&D interruption, and academic exchange. Enterprises take stressful measures to respond; The suppression of short-term effects will gradually evolve into long-term effects: increased demand, market distortion, insufficient innovation, and information scarcity, while strategic measures must be taken to address long-term effects; (3) There are two key paths for the government to respond to the suppression of the US physical inventory: emergency relief policies → short-term effects (supply chain+business chain) → early warning mechanisms, dual demand traction → long-term effects (production line collaboration+core technology research and development) → strategic breakthroughs. The key to path 1 is to help enterprises overcome the risk of capital interruption and death, while the key to path 2 is to fully utilize the favorable conditions for increased demand for domestically produced equipment. This article fills the gap in the research on the impact of physical inventory on micro enterprise processes, providing reference for the government to formulate strategies and how enterprises can respond to the impact of physical inventory.

摘要： 美国实体清单打压愈发频繁，研究实体清单对企业创新的微观影响机理变得愈发重要。本文以28家实体清单相关企业为研究对象，运用扎根方法构建了企业受到实体清单冲击“短期-长期”双反馈影响过程机制模型。研究发现：（1）美国实体清单实质上是一种精准“动态靶向”打击，由打压对象、制裁手段、动态调整3个环节组成，包含8种具体制裁手段，实质上是迫使中国企业保持低水平竞争力；（2）影响过程表现为从短期效应到长期效应的演化：打压短期效应主要影响供应链、经营链、研发中断、学术交流4个方面，企业采取应激性举措应对；打压短期效应会逐渐演变为长期效应：需求提升、市场扭曲、创新不足、信息稀缺，而应对长期效应则必须采取战略性举措应对；（3）政府应对美国实体清单打压存在2条关键路径：即紧急舒缓政策→短期效应（供应链+经营链）→预警机制、双需求牵引→长期效应（生产线协同+核心技术研发）→战略突围，路径1关键是帮助企业度过资金中断死亡风险，路径2关键是充分利用国产化设备需求提升的有利条件。本文填补了实体清单冲击微观企业过程研究空白，为政府制定策略和企业如何应对实体清单冲击提供参考。