中国企业参与共建“一带一路”投资的短期经济效应分析

Analysis of the Short-Term Economic Effect of Enterprises' Participation in“One Belt And One Road”Investment

企业在"一带一路"投资化解产能过剩的进程中扮演了重要角色,而在此过程中企业的绩效如何却仍待探究。本文运用事件研究法,选取了43家属于产能过剩行业的上市公司,以其发布涉及"一带一路"沿线合作合同的公告日为事件日,以公告日前10日至公告日后10日为事件窗口,对我国产能过剩行业的企业参与"一带一路"投资取得的短期效应进行了实证研究。结果表明:属于产能过剩行业的企业参与"一带一路"投资在资本市场上获得了财富效应,短期绩效为正。

In the process of ＂One Belt And One Road＂ （＂B＆R＂） investment, enterprises play an important role in reducing overcapacity, while the performance of the enterprises still needs to be explored. This paper uses event study method and selects 43 listed companies which belong to overcapacity industry. It defines the date when these companies signed the cooperation contract involving B＆R as the announcement date, and sets the period of ten days before and after the announcement date as the event window, in order to do empirical research on short-term effect of enterprises participating in B＆R investment in China＇s overcapacity industry. The result shows that these companies of overcapacity industry participating in B＆R investment have achieved wealth effect in stock market, and the short-term performance is positive.