面向“一带一路”的企业国际化经验在发达市场的投资转移效应

Investment Transfer Effect of Internationalization Experience of Enterprises in"Belt and Road Initiative"in Developed Markets

“一带一路”为我国企业“走出去”提供了广阔平台。本文探讨了企业在“一带一路”市场获取的国际化经验知识对其后续在发达市场投资的影响。研究发现:“一带一路”市场经验与企业后续在发达市场的投资呈倒U型关系;当企业采取“以母国为中心”的学习战略时,更有可能实现其后续在发达市场的投资。拓展分析表明:企业在富裕沿线国家、与我国具有高“五通”水平沿线国家获取的经验知识更有利于其后续在发达市场的投资;当企业在沿线市场进行效率寻求、从事生产制造活动时,“一带一路”市场经验对其后续在发达市场投资的积极影响更为明显。政府应继续推动“一带一路”高质量发展,为企业提供良好的国际学习环境。企业在依托“一带一路”市场布局全球时,应选择合适的投资与学习策略,扬长避短地发挥“一带一路”市场经验的积极作用。

The"Belt and Road Initiative"has provided a broad platform for Chinese enterprises to"go global".This paper explores the impact of the internationalization experience and knowledge acquired by enterprises in the"Belt and Road"market on their subsequent investment in developed markets.It is found that there is an inverted U-shaped relationship between the"Belt and Road"market experience and enterprises'subsequent investment in developed markets.When companies adopt a"country-centered"learning strategy,they are more likely to realize their subsequent investments in developed markets.Further analysis shows that experiential knowledge acquired from rich countries along the"Belt and Road"and the countries having a high level of"five links"with China are more conducive to their subsequent investment in developed markets.When enterprises seek for efficiency and engage in manufacturing activities in the markets,the"Belt and Road"market experience has a more obvious positive impact on their subsequent investment in developed markets.The government should continue to promote the high-quality development of"Belt and Road"and provide a good international learning environment for enterprises.When relying on the"Belt and Road"market to deploy globally,enterprises should choose appropriate investment and learning strategies,and give full play to the positive role of the"Belt and Road"market experience.