“一带一路”倡议对我国OFDI企业产能利用率影响研究——基于双重变换模型的实证分析

On the Impact of “the Belt and Road Initiative” on Chinese OFDI Enterprise Capacity Utilization Rate: An Empirical Analysis Based on Change-in-Change Model

在有效控制其他产能利用率影响因素的条件下,采用2009—2018年制造业A股上市公司数据,基于双重变换模型研究了“一带一路”倡议的实施对中国OFDI企业产能利用率的影响及其作用机制。结果显示:“一带一路”倡议的实施显著提升了沿线国家投资企业的产能利用率,且这种提升作用主要是通过扩大企业市场规模和缓解企业融资约束等机制实现的。进一步拓展分析结果表明,“一带一路”倡议对中国OFDI企业产能利用率的提升作用主要集中于非新兴优势产业相关企业、国有企业、投资“一带一路”沿线非中国邻国的企业和投资中高收入东道国的企业。以上结论从微观企业视角为“一带一路”倡议下政府如何化解产能过剩这一“顽疾”提供了理论启示。

Under the condition of effectively controlling other influencing factors of the capacity utilization rate of enterprises,this paper uses the data of A-share listed companies in the manufacturing industry from 2009 to 2018 and studies the influence of the implementation of“the Belt and Road Initiative”on the capacity utilization rate of Chinese OFDI enterprises and its mechanism based on Change-in-Change model.The results show that the implementation of“the Belt and Road Initiative”has significantly increased the capacity utilization rate of investment enterprises in countries along the route,and this enhancement is mainly achieved through mechanisms such as expanding the market size of enterprises and alleviating corporate financing constraints.Further expansion analysis shows that the role of“the Belt and Road Initiative”in improving Chinese OFDI enterprise capacity utilization rate is mainly reflected in non-emerging advantage industry related companies,state-owned enterprises,companies investing in non-Chinese neighboring countries along“the Belt and Road”and companies investing in high-income host countries.The above conclusions provide theoretical enlightenment for the government to resolve the“intractable disease”of overcapacity under“the Belt and Road Initiative”from the perspective of micro-enterprises.