近年来,美国频繁使用实体清单进行技术封锁,企图遏制中国在关键技术领域的发展速度。以2013—2023年我国沪深A股上市公司为研究样本,基于供应链溢出视角考察中游企业被美国列入实体清单后对链上企业协同创新的影响。结果表明,中游企业被美国列入实体清单后,产生供应链溢出效应,不仅推动上游企业协同创新,也促进下游企业协同创新。经营风险、管理者过度自信是美国实体清单影响中国上下游企业协同创新的内在作用机制。异质性分析表明,供应链溢出效应在供应链距离较近、供应链稳定性较高、供应链集中度较低和市场地位较高的样本中更为明显。研究结论为中国提升产业链供应链韧性和企业管理供应链风险提供经验证据与管理启示。

Entity List sanctions serve as a pivotal tool for the United States in its crackdown on China. A notable instance was in April 2018 when the U.S. government imposed a technology embargo on ZTE,marking the beginning of a broader technology blockade against China. Under these sanctions,targeted enterprises face restrictions on purchasing U.S.-controlled technologies,products,and services,and even with license applications,they often face strict scrutiny and rejections,leading to operational instability and higher uncertainties. As economic globalization and specialization deepen,enterprises form close supply chain networks. However,the sanctions on midstream enterprises can trigger a chain reaction,transmitting risks to upstream and downstream enterprises,increasing supply chain risks,and weakening overall competitiveness. This situation raises the question of what strategies upstream and downstream enterprises should adopt to deal with the supply chain risks caused by the technology blockade.From the perspective of supply chain,this paper examines the two-way spillover effect of midstream enterprises on the synergistic innovation of upstream and downstream enterprises after the U.S. technology blockade. It draws on the CNRDS database to compute patent and supply chain matching data to gauge enterprise synergistic innovation. After rigorous sample processing,2 679 valid samples emerge,comprising 1 466 "year-midstream-upstream enterprise" matches and 1213 "year-midstream-downstream enterprise" matches. Subsequently,a benchmark model is constructed,followed by in-depth empirical analysis. In the mechanism analysis,the study respectively measures the operational risk of upstream and downstream enterprises based on the annual stock daily return volatility of these enterprises,and the higher the value,the greater the operational risk. It then adopts the proportion of the sum of the top 3 executive compensations to all executive compensations to measure managerial overconfidence,and the higher this value is,the higher the degree of managerial overconfidence.The study finds that after the midstream enterprises are subject to the U.S. technology blockade,the supply chain spillover effect is generated,which not only promotes the synergistic innovation of upstream enterprises,but also promotes the synergistic innovation of downstream enterprises,thus highlighting the symmetry of the U.S. technology blockade supply chain spillover. Operational risk and managerial overconfidence are the internal impact mechanism of U.S. technology blockade on the synergistic innovation of upstream and downstream enterprises. The heterogeneity analysis shows that the spillover effect of the U.S. technology blockade on the supply chain is more obvious in the samples with closer supply chain distance,higher supply chain stability,lower supply chain concentration and higher market status.According to the empirical results,the following countermeasures and suggestions are proposed respectively. For enterprises,on the one hand,when making synergistic innovation decisions,they not only need to assess the risks they face directly,but also need to comprehensively assess the potential threats in the entire supply chain network,especially the potential risks brought by other enterprises in the supply chain under the sanctions of the U.S. Entity List,so as to adjust the synergistic innovation strategy in a timely manner. On the other hand,enterprises should set up a full-time risk management department,strengthen the voice of independent directors and set up a special audit committee to conduct a thirdparty evaluation of managers ’ major decisions,so as to curb managers ’ overconfidence tendency and unblock the channels through which U.S. technology blockade affect the synergistic innovation of upstream and downstream enterprises. For the government,on the one hand,it should take into account the spillover effects on the supply chain caused by the U.S. technology blockade,and support not only the midstream enterprises that have been directly sanctioned but also provide appropriate resource allocation to the upstream and downstream enterprises within the supply chain,so as to maximize the effect of policy support by improving the overall competitiveness of the supply chain;on the other hand,the government should tailor innovation support policies to different enterprises based on their unique circumstances,so as to enhance the level of enterprise synergistic innovation.