“一带一路”倡议如何作用于中国OFDI企业技术效率:机制讨论与经验证据

How does the Belt and Road Initiative affect the technical efficiency of Chinese OFDI enterprises: mechanism discussion and empirical evidence

"一带一路"倡议为中国经济增长提供了更加开放的经济生态,同时也为中国经济结构的优化奠定了基础。以2012—2018年中国A股上市公司与商务部《境外投资企业(机构)备案结果公开名录》中企业的匹配数据为研究样本,采用双重差分和倾向得分匹配双重差分模型,从企业技术效率视角探究"一带一路"倡议的实施效果。研究发现:"一带一路"倡议能够显著提升OFDI企业技术效率;企业竞争地位和数字金融发展在"一带一路"倡议对OFDI企业技术效率的提升中发挥正向调节作用。进一步的异质性分析表明,"一带一路"倡议对OFDI企业技术效率的影响机理,以及企业竞争地位、数字金融发展作用机制的发挥,因企业内在异质性、所处行业及区域异质性而存在差异。从企业技术效率角度深入评估"一带一路"倡议的经济效应,一方面有助于理解"一带一路"倡议与OFDI企业技术效率之间的关系,以及"一带一路"倡议对OFDI企业技术效率的影响效应的异质性,另一方面也为政府部门制定和完善相关政策提供了一定的理论参考。

The implementation of the Belt and Road Initiative not only provides a more open economic ecology for China’s economic growth,but also lays a foundation for the optimization of China’s economic structure.Taking the matching data between Chinese A-share listed companies and companies listed in the"Open List of Recorded Results of Overseas Investment Companies(Institutions)"issued by the Ministry of Commerce from 2012 to 2018 as the research sample,the DID model and PSM-DID model are employed to explore the effect of the Belt and Road Initiative from the perspective of company technical efficiency.The study finds that the Belt and Road Initiative can significantly improve the technical efficiency of OFDI enterprises.Enterprises competitive position and digital finance development play a positive regulatory role in the above effect.Further analysis of heterogeneity shows that the influence mechanism of the Belt and Road Initiative on OFDI enterprises’technical efficiency and the mechanism of enterprises’competitive position and digital finance development are different due to the inherent heterogeneity of enterprises,the industry and the regional heterogeneity.This research deeply evaluates the economic effects of the Belt and Road Initiative from the perspective of enterprise technology efficiency.On the one hand,it helps to understand the relationship between the Belt and Road Initiative and OFDI enterprises’technical efficiency and the heterogeneity of the economic effects of the Belt and Road Initiative;on the other hand,it also provides a theoretical reference for government to draft and revise relevant policies.