“走出去”对企业产能利用率的影响——来自“一带一路”倡议准自然实验的证据

Going Global and Production Capacity Utilization of Enterprises——The “Belt & Road” Initiative as a Quasi-natural Experiment

通过使用2010—2018年中国上市企业数据,基于"一带一路"倡议准自然实验,运用单时点和多时点双重差分法,考察了"走出去"对企业产能利用率的影响。基准估计和稳健性检验的结果表明,"一带一路"倡议作为中国新时期"走出去"的重要战略,显著地提升了企业的产能利用率,对外直接投资和海外工程建设都是有效的途径。异质性分析显示,"一带一路"倡议提升产能利用率的效应,在国有企业、高生产率企业、资本密集度低的企业和非出口企业中表现得更为突出。为了揭示传导机制,通过进一步理论建模分析,结果显示,"一带一路"通过降低调整成本、缓解信息不对称,以及削弱政府的规模偏好,提升了企业的产能利用率。

This paper uses the data of China’s listed companies from 2010 to 2018 and employs difference-in-differences to investigate the impact of"going global"on the capacity utilization rate of enterprises.We deem the"Belt&Road"initiative a quasi-natural experiment and carry out baseline estimation and robustness checks.The results show that participating the"Belt&Road"construction has significantly increased the capacity utilization rate of enterprises.Outward direct investment and overseas project construction are both effective ways.Extended analyses show that the effect of the"Belt&Road"initiative in increasing the utilization rate of enterprise capacity is more prominent among state-owned enterprises,high-productivity enterprises,low-capital-intensive enterprises and non-export enterprises.Based on the empirical findings,the paper further analyzes the transmission mechanism through theoretical modeling,which shows that the"Belt and Road"initiative has improved the capacity utilization rate of enterprises by reducing adjustment costs,alleviating information asymmetry,and weakening the government’s preference for scale.