“一带一路”倡议能否提高企业业绩水平

Can the “Belt and Road Initiative” improve the performance of the company

本文基于2011—2016年A股上市公司数据,构建双重差分模型评估'一带一路'倡议对企业业绩的影响。研究发现,'一带一路'倡议对企业业绩具有正向效应,显著提升了企业的业绩水平,并且对企业绩效的影响是一个动态调整过程,随时间的推移,对企业业绩的影响加深。进一步研究发现,'一带一路'倡议对企业业绩的影响存在异质性,表现为对民营企业业绩的提升程度更高,对国有企业业绩影响不显著;'一带一路'倡议对企业业绩的影响存在行业差异,对制造业影响程度高于对非制造业。本文还通过引入中介变量海外业务收入,分析了'一带一路'倡议对企业业绩影响的中间机制,结果支持了'一带一路'倡议对企业业绩的影响存在中间机制,即'一带一路'倡议的实施通过提高企业海外业务收入水平对企业业绩产生积极影响。

Based on the statistics of A-shares public companies from 2011 to 2016,this essay aims to assess the influences of One-Belt-One-Road proposal on company performances by constructing difference-in-differences Models(DID).The research indicates that One-Belt-One-Road proposal has positive effects on the company performances and remarkably promotes their performance levels.It’s a dynamic adjustment process in which the impacts on company performances will be deepened as time goes on.More research finds out that One-Road-One-Belt proposal is of diverse nature in terms of its influences on company performances,with higher degree for promoting performances of private companies compared to less remarkable influences on state-owned enterprises.One-Belt-One-Road proposal has different influences on company performances in difference industries,with more influences on manufacturing industry than on non-manufacturing industries.This essay also employs an intervening variable,oversea operation revenue,so as to analyze the intervening system of One-Belt-One-Road proposal influences on company performances.The research shows that an intervening system functions in the influences of One-Belt-One-Road proposal on company performances,which is,the implementation of One-Belt-One-Road proposal exerts positive influences on company performances by increasing the companies’oversea operation revenues.