“一带一路”倡议对财务绩效的影响及路径研究——基于交通运输企业的实证分析

Research on the Impact and Path of the "Belt and Road" Initiative on Financial Performance——Based on the Empirical Analysis of Transportation Enterprises

针对“一带一路”倡议给微观经济带来的影响,整理并分析2011-2021年11年的交通运输企业微观数据,使用倾向得分匹配法(PSM)与双重差分法(DID),探究我国交通运输企业参与“一带一路”建设后,其财务绩效会受到的影响。研究结果表明,“一带一路”倡议能够帮助交通运输企业改善财务绩效,且经稳健性检验后,结论仍旧成立。此外,进一步探讨税收优惠在“一带一路”倡议显著改善交通运输企业财务绩效的过程中能否起到中介作用。结果表明,所得税优惠在其改善过程中起到部分中介作用,而增值税优惠在其中发挥遮掩效应。

Aiming at the microeconomic impact brought by the "Belt and Road" Initiative, this paper analyzes the microdata of transport enterprises in 11 years from 2011 to 2021,and uses the Propensity score Matching method(PSM)and the difference difference method(DID)to explore how the financial performance of Chinese transport enterprises will be affected after they participate in the construction of the "Belt and Road" Initiative.The results show that the "Belt and Road" Initiative can help transport enterprises improve their financial performance, and the conclusion remains valid after the robustness test.In addition, it further explores whether tax incentives can play an intermediary role in the process of the "Belt and Road" Initiative significantly improving the financial performance of transport enterprises.The results show that the income tax preference plays a partial intermediary role in the improvement process, while the VAT preference plays a masking effect.