共建"一带一路"对企业对外直接投资影响研究——基于中欧班列的准自然实验
Research on the Impact of the Belt and Road Initiative on Enterprises'Outward Foreign Direct Investment:A Quasi-natural Experiment Based on the China-Europe Railway Express
刘璠 1秦续天 1黄润倩1
作者信息
- 1. 中南财经政法大学工商管理学院 武汉,430070
- 折叠
摘要
运用多时点双重差分法,以2010-2022年上市公司为数据样本,论证了中欧班列开通这一准自然实验对企业对外直接投资的影响.研究发现:中欧班列开通显著加快了中国企业对外直接投资,促进了企业跨国贸易活动.异质性分析表明,中欧班列开通对企业对外直接投资的促进作用在国有企业和东部地区尤为显著.中欧班列影响机制表明,在母国层面,政府补贴和银企关联对企业对外直接投资范围有显著促进作用;在东道国层面,市场环境和法治环境更有助于推进企业对外直接投资决策;在企业层面,创新数量和创新质量显著促进了企业对外直接投资决策和范围.
Abstract
This paper uses the Multi-time DID method and HECKMAN model to demonstrate the impact of China-Europe Railway Express on enterprises'OFDI by taking listed companies from 2010 to 2022 as data samples.The findings are as follows:The opening of China-Europe Railway Express significantly accelerated Chinese enter-prises'OFDI decision and scope,and promoted enterprises'transnational trade activities.Heterogeneity analysis shows that the promotion effect of the opening of China-Europe Railway Express on enterprises'OFDI is particularly sig-nificant for state-owned enterprises and the eastern region.The impact mechanism of the China-Europe Railway Express shows that at the home country level,government subsidies and bank-enterprise correlation have a significant promoting effect on the scope of enterprises'OFDI.At the host country level,the market environment and the rule of law environment are more conducive to expanding enterprises'OFDI decision-making.At the firm level,the number of innovations and the number of innovations significantly contribute to firms'OFDI decisions and scope.
关键词
"一带一路"/中欧班列开通/企业对外直接投资/多时点双重差分Key words
The Belt and Road/China-Europe Railway Express/Enterprises'Outward Foreign Direct Invest-ment/Multi-time DID引用本文复制引用
基金项目
国家自然科学基金项目(71803197)
教育部人文社会科学研究规划项目(23YJA630059)
中南财经政法大学中央高校基本科研业务费专项中研究生科研创新平台项目(202411016)
出版年
2024
NETL
NSTL
万方数据