摘要
"一带一路"倡议自概念提出到首份顶层设计落地历时超过两年,这一时间差为深入探究微观企业如何响应国家宏观经济政策提供了一次难得的观测窗口。文章以2012~2018年中国A股上市企业作为研究样本,使用双重差分法检验企业对外直接投资受"一带一路"倡议影响的特征与渠道。研究发现:在2015年中央顶层设计落地之后,"一带一路"倡议显著提升了受影响企业向"一带一路"沿线国家的投资水平,而在此之前仅凭"一带一路"概念并没有导致这种投资差异;异质性分析发现,"一带一路"倡议的上述投资促进作用对商务部"一带一路"重点产业以及中央顶层设计圈定的重点省区市更为显著;机制分析表明,相对于未受倡议影响的企业,受影响企业在获取政府补贴和税收优惠方面具有优势,从而拥有更低的经营成本;"一带一路"倡议的投资促进作用并没有外溢到非"一带一路"沿线国家,这意味着企业的投资行为符合"一带一路"政策的鼓励方向。
It took more than two years for the Belt and Road initiative turning from a concept to a solid plan,providing an opportunity to explore the mechanism about how do firms react to the Macro-level policy. Based on the data of China’s A share listed companies from 2012 to 2018,this paper examines the firms’ responses to the Belt and Road initiative with the DID method. The result reveals that after the year of 2015,the Belt and Road initiative significantly increased the OFDI in the Belt and Road countries of the relevant firms. However,before 2015,the concept of Belt and Road did not lead to this difference. The OFDI effect of the Belt and Road initiative is more significant for the firms in the key industries or from the key provinces and cities. Compared with the irrelevant firms,the affected firms have advantages in obtaining government subsidies and tax reduction,thereby lowering their operating costs. The Belt and Road initiative did not increase the relevant firms’ OFDI in the non-Belt and Road countries,which indicates that the reactions of the relevant firms are in line with the Belt and Road policies.
出处
《世界经济研究》
CSSCI
北大核心
2021年第5期69-82,M0003,共15页
World Economy Studies
基金
浙江省哲学社会科学规划项目(项目编号:20NDQN279YB)资助。
