“一带一路”倡议、国际化进程与公司绩效——基于基建类上市公司的经验证据

The Belt and Road Initiative,International Process and Firm Perform

以中国14家国有上市基建类企业2009~2017年度的数据为样本,立足于中国基建类企业的治理特征及"一带一路"倡议的现实背景,运用回归统计分析和回归分析方法,研究了中国基建类企业国际化经营对企业会计绩效和股票市场绩效的影响及该影响同"一带一路"倡议和企业国际化经营的关系。研究发现:中国基建类企业国际化经营提高了企业绩效;在"一带一路"倡议提出后基建类企业国际化经营对企业绩效的正向影响有所减弱,这种差异化的影响在国际化经营相对不足的公司中更明显。

There is no clear consensus on how operating in International process market affects firm performance and this complex linkages may be attributable to firm heterogeneity and some endogenous and moderating factors.This research explores how multinationality affect firm performance in the context of before and after the introduction of the belt and road initiative within the infrastructural construction sector in China.We find that:(1) construction companies owned by Chinese government operated in international market can improve firm performance significantly;(2) the positive impact of construction companies operating in multinational market on firm performance was weakened after the introduction of the Belt and Road initiative,especially for firm with less international experiences.