以2009~2022年沪深A股上市公司为研究样本，基于信号理论和交易成本理论考察企业研发投入对供应链韧性的影响及其作用机理。研究发现，企业研发投入与供应链韧性显著正相关；机制检验表明，研发投入能够向利益相关者传递积极信号、降低供应链交易成本，进而增强供应链抵抗力和恢复力，供应链韧性获得提升。基于企业自身特征的异质性分析表明，研发投入产生的正向影响在数字化转型程度较高、内部研发经验较多的样本中更显著；在宏观经济景气时期和知识产权保护程度较高区域，研发投入与供应链韧性之间的正相关关系更加明显。

Taking A-share listed companies on the Shanghai and the Shenzhen Stock Exchanges from 2009 to 2022 as research samples, the study examines the impact of corporate R&D investment on supply chain resilience and its mechanism based on signaling theory and transaction cost theory. The findings reveal a significant positive correlation between corporate R&D investment and supply chain resilience. Mechanism tests indicate that R&D investment can send positive signals to stakeholders and reduce supply chain transaction costs, thereby enhancing both the resistance and recovery capacities of the supply chain and ultimately improving its resilience. A heterogeneity analysis based on the characteristics of enterprises shows that the positive impact of R&D investment is more significant in the samples with a higher degree of digital transformation and more internal R&D experience. Furthermore, the positive correlation between R&D investment and supply chain resilience is more pronounced during periods of high macroeconomic prosperity and in regions with a high degree of intellectual property protection.

基于2001-2019年美国对华发起的贸易调查事件，以我国A股制造业上市公司为研究对象，检验中美贸易摩擦对中国企业研发国际化的影响。研究发现：受出口管制、进口竞争和市场压力的影响，贸易调查涉案企业会选择在下一期减少研发国际化活动。进一步检验发现，上述负面冲击在遭受反倾销或反补贴调查的企业，在美国或发展中国家开展研发活动的企业，以及技术密集型、资本密集型的产业中更显著。根据上述结论，本文提出了应对中美贸易摩擦冲击的建议。

With China's growing scientific and technological strength, the trade disputes initiated by the US against China reflect more a concern that China's technological progress threatens its technological hegemony in addition to reversing trade, economic and social disadvantages. This is also an important reason for the US to focus its trade sanctions directly on the high-tech sector, targeting industries included in the “Made in China 2025” strategic catalogue such as medical devices, high-speed railway equipment and biological medicine, and the high-tech companies such as Huawei, Tencent and Baidu to manufacture low-end lock-in dilemmas. With regard to the current new situation where the globalization of science and technology is constantly deepening and the flow of innovation factors is increasingly forming a global network, latecomer firms in emerging economies such as China, India and Singapore have specified R&D internationalization as an important strategy, seeking for advanced technologies, creating and maintaining competitive advantages on a global scale through the establishment of overseas R&D institutions and other forms, which has macroscopically contributed to the gradual transfer of innovation resources and achievements to emerging economies. On this basis, this paper focuses on the following question: Is the trade dispute initiated by the US against China hindering the internationalization of R&D by Chinese companies due to its wariness of China's technological progress? What are the influence mechanisms? In-depth answers to these questions are of great significance to the implementation of the “Made in China 2025” strategy and the improvement of manufacturing industry’s competitiveness in a complex international environment.Among the literature on trade disputes affecting micro-firm behaviors, those relevant to this paper is to explore how trade disputes affect firm innovation, but the findings are still controversial. Meanwhile, this paper argues that existing research still has the following shortcomings: firstly, the previous research has focused more on how trade disputes affect firms' domestic innovation, lacking empirical evidence on the internationalization of R&D. Secondly, the existing studies mainly explain how trade disputes affect firms' innovation through export control, without exploring other possible pathways rooted in the Chinese context. Finally, the existing research designs usually ignore the two-way causality and sample selection biases.By summarizing the above research findings and shortcomings, based on the trade dispute initiated by the US against China from 2001-2019, this paper takes China's A-share listed manufacturing companies as the research object to examine the impact of Sino-US trade disputes on the internationalization of Chinese firms' R&D, and constructs the PSM-DID model and 2SLS model in the robustness test to improve the credibility of the findings. The results show that facing trade investigations, Chinese firms will reduce their R&D internationalization activities in the next period, which is caused by export control, import competition and market pressure. Further inspection finds that the above negative influence appears more obviously in companies subject to anti-dumping or countervailing investigations, firms conducting R&D in the United States and developing countries as well as technology-intensive and capital-intensive industries. Based on the findings, this paper proposes the following policy suggestions. Government should formulate countermeasures against trade disputes to mitigate the negative impact of export control, import competition and market pressure on firms' R&D internationalization. Firstly, it is necessary to stabilize existing export shares and expand trade partnerships to mitigate export control shocks; secondly, tariffs on US high-tech products should be levied to mitigate import competition shocks; and finally, it is important to guide local governments to set up special funds for R&D internationalization to mitigate market pressure shocks.