“一带一路”倡议对中国制造企业创新投入的影响研究

Research on the Impacts of the"Belt and Road"Initiative on Innovation Investment of OFDI Companies in Chinese Manufacturing Industry

将"一带一路"倡议视为一项准自然实验,基于2003-2017年中国制造业上市公司数据,利用双重差分模型(DID)研究了"一带一路"倡议实施对中国制造业对外直接投资(OFDI)企业创新投入的影响。研究发现:"一带一路"倡议实施显著地提高了中国制造业OFDI企业的创新投入水平,该结论经过了一系列的有效性和稳健性检验。进一步从"四通机制"的视角,即政府沟通、创新畅通、资金融通和产业相通方面,对该倡议促进企业创新的异质性影响进行了深入分析。结果表明:"一带一路"倡议的创新促进效应,在具有政府背景、技术密集、低财务杠杆、新建或合资的企业中表现突出,并验证了沿线国家制造业部门发展动力的中介效应。

Taking the"Belt and Road"initiative as a quasi-natural experiment, based on the data of listed Chinese manufacturing companies with OFDI from 2003 to 2017, this paper uses the Double Differential Model(DID) to study the impacts of the implementation of the"Belt and Road"initiative on the innovation investment of OFDI companies in Chinese manufacturing industry. The study found that the implementation of the"Belt and Road"initiative has significantly improved the level of innovation investment of Chinese manufacturing OFDI companies, and the conclusion has been undergone a series of validity and robustness tests. Furthermore, from perspective of the"four links mechanism"at the micro level, the mechanism of how the initiative promotes the innovation investment of companies is analyzed in depth, that is, according to the heterogeneity analysis of government communication, innovation communication, capital communication and industry communication. The results show that the"Belt and Road"initiative has a particularly prominent effect on promoting innovation investment for companies with government background, technology intensive, low financial leverage and greenfield investment or joint venture investment,and the mediation effect is certified of the development force of the manufacturing sector in countries along the route.