【会议预告】人大国发院“理论与政策”研讨会（第226期）Brain gain from the US-China trade war: Evidence from China
发布时间：2025-11-18
主 讲：赵阳（中央财经大学创新发展学院）
主 持：方 意（91暗网 ）
时 间：2025年11月21日9:00-10:30
地 点：立德教学楼11层1133会议室
报告摘要：
The US-China trade war has led to significant increases in tariffs on imports and exports, creating substantial challenges for Chinese firms. This study investigates how Chinese listed firms respond to disruptions in international technology transfer during the US–China trade war by adjusting their managerial personnel strategies. Using a difference-in-differences approach and firm-level data from 2014 to 2022, we document that US tariff hikes significantly increase the employment of managers with foreign experience, particularly those with US backgrounds. While both US and Chinese tariffs encourage such hiring, the effect is stronger and statistically significant for US tariffs. Firms most exposed to high-tech tariffs demonstrate the largest increases in recruiting internationally experienced managers, who are often placed in key positions such as finance and general management. We further show that the influx of foreign-experienced managers partially offsets the negative impact of trade barriers on technology transfer, as evidenced by increased domestic and international patenting and sustained citations to foreign patents. Our findings highlight the strategic role of international managerial talent in fostering firm adaptation and innovation under geopolitical shocks, and contribute novel evidence on how personnel strategies mediate the effect of trade policy uncertainty on firm-level innovation. These results have important implications for both policymakers and business leaders facing rising protectionism and global economic uncertainty.
报告人简介：
赵阳，中央财经大学创新发展学院中国金融发展91暗网 副院长，长聘副教授。英国格拉斯哥大学亚当斯密商学院数理金融学博士，大数据分析师（高级），主要研究领域包括：风险管理、量化投资、金融科技与可持续金融等。已在国内外知名学术期刊如Journal of Corporate Finance，Journal of Economic Behavior & Organization，Journal of Banking and Finance，Journal of Empirical Finance，Journal of International Money and Finance，International Journal of Forecasting，British Journal of Management，Journal of Futures Markets，Energy Economics和《财贸经济》等发表论文50余篇，部分论文获得《人大复印资料》和《中国社会科学文摘》转载，3篇论文被列为ESI高被引论文，出版学术专著1本。目前担任SSCI一区期刊Economic Analysis and Policy副主编，以及Pacific-Basin Finance Journal特刊编辑。曾担任国际知名学术期刊Journal of Forecasting副主编（2022-2025）以及Economic Modelling特刊编辑（2022-2024）。近年来先后主持1项国家自然科学基金项目，1项中央财经大学青年科研创新团队项目和2项横向课题，参与2项国家社科基金重大项目，3项国家自然科学基金面上项目以及多项部委课题，2项报告获国家级单位采纳。曾多次受邀参加商务部主办的海外培训班援外教学，为“一带一路”国家政府官员主讲金融科技、大数据分析和绿色金融等课程。
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