摘要
本文基于2007—2018年A股上市公司数据,采用双重差分法检验"一带一路"倡议对中国企业海外经营收入的影响效果和作用机制。研究发现,"一带一路"倡议显著提升了参与企业的海外经营收入,并且该效应在全要素生产率不高、成本加成水平较低以及资本密集度偏低的企业中更为显著。此外,作用机制检验结果表明,"一带一路"倡议能够通过促进海外投资和抑制企业战略偏离风险,提升海外经营收入。本文的研究结果为"一带一路"倡议的政策效应研究提供了新的视角,对于深入理解"一带一路"倡议的经济效用、制定相应措施推动"一带一路"高质量发展具有启示意义。
In September and October 2013,Chinese President Xi Jinping put forward two cooperate initiatives to build the"New Silk Road Economic Belt"and the"21 st Century Maritime Silk Road".The two initiatives are called the"Belt and Road"initiative(BRI for short)together.Under the principle of extensive consultation,joint contribution and shared benefits,the BRI has created a new landscape for China’s opening-up.At present,the BRI has become a platform for global political,economic and cultural cooperation.By promoting connectivity between China and countries along the route,the BRI can boost outward investment by Chinese firms.With the increase of firms’overseas investment,the scale of their overseas sales may be further expanded and their overseas income may be further enhanced.However,the construction of the BRI is also a huge and complex systematic project involving multiple interests at home and abroad.This makes firms that participate the BRI face various macro and micro risks.These risk factors interweave and interact with each other,making the growth of overseas income uncertain.Therefore,what is the impact of the BRI on firms’overseas income?What is the mechanism through which the BRI affects the overseas operating income of firms?Under the background of the BRI,this paper takes A-share listed companies from 2007 to 2018 as samples and uses the difference-in-difference(DID)method to analyze the effect and mechanism of the BRI on the overseas income of Chinese firms.The paper finds that,the BRI has improved the overseas income of firms,and this basic conclusion remains robust after robustness analysis of placebo test and PSM method.This paper further analyzes the heterogeneity of the BRI’s impacts on firm’s oversea income from three aspects,including total factor productivity,cost mark-up and capital intensity according to the benchmark regression.The heterogeneity tests find that,the improvement in overseas income of the BRI is more significant in firms with relatively lower total factor productivity,lower cost mark-up,and lower capital intensity.The results of mechanism analysis show that,the BRI improves overseas income by promoting overseas investments and alleviating strategic deviation risks.And this mechanism is reflected in firms with weaker operating capabilities and lower risk-taking levels.Compared with the existing research,the contribution of this paper is reflected in the following aspects:first,the BRI is a macroeconomic policy,the existing related research focuses more on the BRI as the research background,using countries along the route as samples,to explore the economic impacts of outward investment on the home and host countries.Based on microeconomic behavioral data,this paper directly verifies the policy effect of the BRI through theoretical analysis and empirical tests.This paper sheds light on how to promote the construction of the BRI towards high-quality development from both the theoretical and practical aspects.This paper finds that the BRI can increase the overseas income of firms,and the positive guidance of the government can produce a good effect on the overseas operation of firms under the BRI.This shows that government departments have played an important role in the micro implementation of the BRI.Therefore,this paper has reference value for making high-quality policy of the BRI.Second,at present,research on the BRI mainly focuses on investment amount,investment efficiency and investment risk,and rarely discusses specific firms’overseas operation performance.It’s difficult for existing research to accurately measure the micro effects of the BRI.Using the data of overseas income of firms,this paper analyzes the influence of the BRI on overseas income of firms and the heterogeneity of such influence.This paper clarifies the implementation effect of the BRI from the perspective of firms’overseas income,which is helpful to accurately evaluate the microeconomic effect of the BRI.Third,in addition to the discussion of the BRI’s impact on overseas business income and its heterogeneity,this paper further analyzes the mechanism through which the BRI promotes firms’overseas operating income.From the perspective of firms’overseas income,this paper provides a new insight for the study of the BRI’s policy effect.
作者
刘霞
王谊
祝继高
LIU Xia;WANG Yi;ZHU Ji-gao(School of Management,Hebei University,Baoding,Hebei,071002,China;Business School,University of International Business and Economics,Beijing,100029,China)
出处
《经济管理》
CSSCI
北大核心
2021年第3期80-97,共18页
Business and Management Journal ( BMJ )
基金
国家社会科学基金重大项目“‘一带一路’投资安全保障体系研究”(19ZDA101)
关键词
“一带一路”倡议
海外经营收入
高质量发展
海外投资
战略偏离风险
the"Belt and Road"Initiative
overseas business income
high-quality development
overseas investment
strategic deviation
作者简介
刘霞,女,副教授,管理学博士,研究领域是会计信息与资本市场,电子邮箱:liuxiacat0520@sina.com;王谊,女,博士研究生,研究领域是会计信息与资本市场,电子邮箱:wangyi_emily@126.com;通讯作者:祝继高,男,教授,博士生导师,研究领域是公司治理与资本市场,电子邮箱:jigao.zhu@foxmail.com。
