This study aims to empirically examine whether and how the innovation activities would change in the face of shocks caused by heightened US-China tensions for US high-tech firms from trade sectors with China. It is found that although the overall innovation intensity slides down during periods of heightened geopolitical risk and policy uncertainty, innovativeness of the US high-tech companies from trade sectors with China is not completely suppressed by the escalated tensions and still maintains certain levels of momentum compared with other firms. However, the empirical evidence demonstrates that the superiority of the innovation intensity of US high-tech companies from trade sectors with China to other firms is curbed during periods of heightened tensions in comparison with periods in the absence of geopolitical shocks and economic uncertainty. Moreover, the negative impact of US-China tensions on corporate innovation is further amplified when the firm is less established, more financially constrained and of smaller size and less human power capital, each of which serves as an important moderator driving the negative relation. The findings of the paper are based on multifaceted empirical methods and contribute to the literature on corporate innovation, international trade, and geopolitical and economic tensions between nations.

中文翻译：

---

地缘政治敌意与企业创新：来自美国高科技公司对华贸易领域的证据

本研究旨在实证检验在中美贸易紧张局势加剧对美国高科技企业造成的冲击下，创新活动是否以及如何改变。研究发现，尽管在地缘政治风险和政策不确定性加剧时期整体创新强度有所下滑，但美国对华贸易领域高科技企业的创新并未完全受到紧张局势升级的抑制，仍然保持了一定程度的动力。与其他公司。然而，经验证据表明，与没有地缘政治冲击和经济不确定性的时期相比，在紧张局势加剧时期，美国高科技公司在对华贸易领域的创新强度相对于其他公司的优势受到抑制。此外，当企业实力较弱、财务受限、规模较小和人力资本较少时，中美紧张关系对企业创新的负面影响会进一步放大，而这些都是推动负面关系的重要调节因素。该论文的研究结果基于多方面的实证方法，为有关企业创新、国际贸易以及国家间地缘政治和经济紧张局势的文献做出了贡献。