摘要
“一带一路”倡议作为中国新发展格局的关键动能,在促进中国企业向沿线国家对外投资上已经取得显著成效。那么,“一带一路”倡议的投资促进效应(BRIPE)是否会影响中国企业向非沿线国家的OFDI呢?本文基于2009—2019年中国A股上市企业数据,运用三重差分模型,探究BR-IPE对非“一带一路”沿线国家OFDI的影响。研究发现,整体上,BR-IPE对中国企业在非沿线国家的OFDI具有“增量引致”效应。动态效应上,在“一带一路”沿线倡议实施之后的前三个年度,BR-IPE对非沿线国家的OFDI表现出“存量转换”效应,即向“一带一路”沿线国家投资挤出了企业对非沿线国家的OFDI;之后,BR-IPE的正向效应逐渐显现并增强,即对沿线国家的OFDI表现出显著的“增量引致”效应。异质性研究表明,BR-IPE对企业向非沿线国家OFDI的“增量引致”效应主要存在于非国有企业、非沿线发达国家,而对国有企业、非沿线发展中国家则更多地表现为“存量转换”效应。进一步地,企业融资约束的缓解和海外市场需求的扩张是BRIPE影响非沿线国家OFDI“增量引致”的重要机制。本研究对推动“一带一路”高质量发展、提高“一带一路”政策红利溢出具有启示意义。
The Belt and Road Initiative as the key impetus of China’s new development pattern has played a remarkable role in promoting the overseas investment of Chinese enterprises in the countries along the way.We wonder how would such overseas investment promotion effect of the Belt and Road Initiative(BR-IPE)impact OFDI of countries not along the way.Drawing on data of Chinese listed companies from 2009 to 2019 and the triple difference method,this paper explores the impact of BR-IPE on corporate OFDI in countries not along the Belt and Road.The results show that BR-IPE has a crowded-in effect on OFDI of the countries not along the way.In terms of dynamic effects,BR-IPE has a crowded-out effect on OFDI of the countries not along the way in the first three years of the implementation of the Belt and Road Initiative.After that,the positive effect of BR-IPE gradually appeared,that is,there appeared a crowded-in effect on OFDI in countries not along the way.Heterogeneity study shows that the crowded-in effect of BR-IPE on OFDI in the countries not along the way mainly exists in private enterprises and developed countries not along the way,while it is more often manifested as crowded-out effect on state-owned enterprises and developing countries not along the way.Further,easing enterprise financing constraints and expanding market demand are important mechanisms for BR-IPE to increase OFDI of the countries not along the way.This study sheds light on advancing high-quality implementation of the Belt and Road Initiative and improving its policy dividend spillover effect.
作者
武宵旭
葛鹏飞
WU Xiaoxu;GE Pengfei(Northwest University,710127)
出处
《财贸经济》
CSSCI
北大核心
2022年第9期133-148,共16页
Finance & Trade Economics
基金
中国博士后基金面上项目“资本错配对中国上市企业行为的扭曲影响、作用机制与解决对策”(2020M683690XB)
陕西省教育厅科研计划项目“新经济背景下的资源配置机制研究”(21JT039)
陕西省社会科学基金项目“数字金融赋能陕西制造业高质量发展的影响研究”(2021D057)。
