Industrial Policy Restrictions,the Belt and Road Initiative and Enterprises'Willingness to Invest Abroad:Promotion or Inhibition?
When the state formulates restrictive industrial policies,can it force enterprises to use the Belt and Road initiative to strengthen foreign investment through the"Going Global"strategy,so as to realize the effective allocation of resource elements.Taking the date of A-share listed companies from 2011 to 2020 as sample,this paper examines the relationship between the industrial policy restrictions in the"Five-Year Plan",the Belt and Road initiative,the synergistic effect of the two policies and Chinese enterprises'foreign investment.The research shows that:the industrial policy restrictions and the Belt and Road initiative have significantly increased the level of enterprises'OFDI(outward foreign direct investment),and present a synergistic promotion effect,which still holds true after considering endogeneity issues and conducting a series of robustness tests.The mechanism test shows that the synergistic effect of industrial policy restrictions and the Belt and Road initiative to enhance enterprises'OFDI stems from the"capacity utilization rate enhancement synergy"and"enterprise green total factor productivity enhancement synergy"between the policies.When enterprises face industrial policy restrictions and the Belt and Road initiative,non-state-owned enterprises and enterprises in regions with lower marketization levels are more willing to choose overseas investment,and are more willing to invest in developing countries and neighboring countries.Further research finds that although the synergistic effect has improved the short-term business performance,it does not increase company value.This paper clarifies the impact mechanism and implementation path of industrial policy restrictions and the synergy effect of the Belt and Road initiative on enterprises'OFDI,and enriches the empirical evidence of industrial policies and the Belt and Road initiative on OFDI.
industrial policy restrictionsthe Belt and Road initiativeoutward foreign direct investmentsynergistic effect
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