The Impact of"The Belt and Road"Initiative on Corporate Innovation
Taking A-share listed companies that make foreign equity investment from 2013 to 2021 as samples,this paper empirically tests the impact of the"Belt and Road"Initiative on enterprise innovation from the perspective of equity investment,and further explores the moderating effect of shareholding mode on the relationship between the two.The above effects are compared in different investment destination countries(developed and developing countries,land and sea neighboring countries and non-neighboring countries).It is found that the"Belt and Road"initiative has a significant positive impact on enterprise innovation,and enterprises'equity investment in"Belt and Road"countries can significantly improve their own innovation level.The adjustment effect test shows that when the shareholding method is indirect shareholding,the promoting effect of the"Belt and Road Initiative"on enterprise innovation is significantly strengthened.Heterogeneity analysis shows that when the investment destination countries are developing countries and non-neighboring countries,the Belt and Road Initiative has a more significant impact on enterprise innovation.For different types of patents,the Belt and Road Initiative has a significant positive impact on utility model patents and design patents,but the shareholding mode cannot significantly adjust the impact of the Belt and Road Initiative on utility model patent output.
corporate innovationforeign equity investment"The Belt and Road"initiativeutility model patent
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