“一带一路”倡议能否提升对外直接投资企业盈利能力?

Does the Belt and Road Initiative Improve the Profitability of Foreign Direct Investment Enterprises?

基于2011-2015年A股上市公司与商务部《境外投资企业(机构)名录》数据,利用倾向得分匹配方法(PSM)和双重差分法(DID)考察“一带一路”倡议对中国对外直接投资企业盈利能力的影响及作用机制。研究发现:“一带一路”倡议显著提升了中国对沿线国家投资企业的盈利能力。机制检验表明,“一带一路”倡议能够通过推进中国与沿线国家间的经济融合和文化包容来提升对外投资企业的盈利能力,而政治互信在样本期内不显著。进一步研究发现,“一带一路”倡议对企业盈利能力的提升作用主要体现在国有企业、新兴优势产业以及投资目的为非邻近中国的“一带一路”国家上。

Based on the data of A-share listed companies and the Ministry of Commerce's“Overseas Investment Enterprises(Institutions)List”from 2011 to 2015,this paper uses the propensity score matching method(PSM)and the difference-in-difference method(DID)to examine the impact of the Belt and Road Initiative on the profitability of foreign direct investment enterprises and its mechanism.Research findings show that the Belt and Road Initiative has significantly improved the profitability of foreign investment enterprises in countries along the Belt and Road.The mechanism test shows that the Belt and Road initiative can improve the profitability of foreign investment enterprises by promoting economic integration and cultural tolerance between China and countries along the route,while political mutual trust is not significant during the sample period.Further research shows that the promotion effect of Belt and Road Initiative on corporate profitability is mainly reflected in state-owned enterprises,emerging advantageous industries and investment targets along the Belt and Road that are not adjacent to China.