重庆理工大学学报2025，Vol.39Issue(24)：1-16,16.DOI:10.3969/j.issn.1674-8425(s).2025.12.001
"一带一路"倡议与企业对外直接投资
The Belt and Road Initiative and the outward direct investment of enterprises
摘要
Abstract
Using data from Chinese A-share listed companies spanning 2010-2022,this study treats the implementation of the Belt and Road Initiative as a quasi-natural experiment and employs a difference-in-difference model to examine its impact on the outward investment of enterprises and the underflying mechanism.The results show that the Belt and Road Initiative significantly promotes the outward investment of enterprises,and alleviating the financing constraints of enterprises and improving production efficiency constitute key channels through which the Belt and Road initiative enhances the outward investment of enterprises.The heterogeneity analysis indicate that the promoting effect is more pronounced for manufacturing enterprises,large-scale enterprises and enterprises with executives who have overseas experience,while no significant difference is observed between state-owned and non-state-owned enterprises.The test results of the triple-difference model further reveal that the Belt and Road Initiative boosts the outward investment of Chinese enterprises in the Belt and Road partner countries.The above research conclusions provide empirical evidence and policy implications for building a new pattern of all-round opening up and high-quality Belt and Road cooperation.关键词
"一带一路"倡议/企业对外投资/双重差分/融资约束Key words
the Belt and Road Initiative/outward direct investment/difference-in-difference/financing constraint分类
管理科学引用本文复制引用
岳文.."一带一路"倡议与企业对外直接投资[J].重庆理工大学学报,2025,39(24):1-16,16.基金项目
国家社会科学基金重大项目"全球经贸规则体系变化趋势及对我国高水平开放的影响与对策研究"(24&ZD052) （24&ZD052）
中央高校基本科研业务费专项资金资助"网络化视角下中国推进高水平区域贸易协定建设研究"(JUSRP202504020) （JUSRP202504020）
无锡市"太湖人才计划"宣传文化人才项目"跨境电商综试区建设赋能无锡企业出口韧性提升的机理及对策研究" （）
