| Since “Silk Road Economic Belt” and “21st-Century Maritime Silk Road” have been proposed in the end of 2013,One Belt and One Road Initiative has been rapidly developed and became mature from original blueprint.They took into practice in countries and regions along the routes,getting great recognition and attraction.More and more countries and regions joined into One Belt and One Road construction internationally,and the construction also entered the stage of local implementation from the central call in China.The proposal of One Belt and One Road Initiative was born on a very profound and complicated background.On the one hand,the deep impact of the international financial crisis still existed.The world economic recovery was slow and the pattern of international investment and trade faced deep adjustments.On the other hand,in the post-crisis era,the developed countries experienced sluggish economic development and the leading role in world economic growth continued to decline.On the contrary developing countries continued to improve their economic development and contributed more to the world economic growth.For world political and economic pattern,new strategies are needed to break the old and lead the new trend.Domestically,after the reform and opening-up,China's economy experienced rapid development and became the second largest economy only to the United States.Nevertheless,China are facing the problems of overcapacity,high stocks and high leverage,and insufficient domestic demand.It urgently need to transform the mode of economic growth and open up new markets.Therefore,One Belt and One Road Initiative has become a strategic choice for the government in the new era to deal with the domestic and foreign environments.Enterprises are one of the most direct and important participants in One Belt and One Road project.The sustainability and vitality of One Belt and One Road construction depend on whether it can promote enterprises' foreign investment and trade and improve its operation.In this context,the dissertation explored the impact of One Belt and One Road Initiative on business operations,focusing on the impact of One Belt and One Road Initiative on the risks of foreign direct investment and total factor productivity of enterprises.And on this basis,it also analyzed the impact on business performance and its impact mechanism.One Belt and One Road Initiative is essentially to create convenience for Chinese companies as they go global.The risk of overseas direct investment is one of the most important issues for enterprises to go global.To explore whether One Belt and One Road Initiative can effectively reduce the risks for enterprises,this dissertation used the financial data of A-share listed companies from 2011 to 2016 and used the propensity score matching method to match comparable control groups for the enterprises in the FDI destination of the Belt and Road.Based on this,Difference-In-Differences model was built to evaluate the impact of One Belt and One Road Initiative on the enterprise foreign direct investment risk.The results show that the initiative has significantly reduced the investment risk of enterprises in countries along the Belt and Road.And One Belt and One Road Initiatives on the impact of enterprise foreign direct investment risk is dynamic adjustment process,the degree of marginal impact fluctuating with time and the overall trend is decreasing.Further research found that the impact of One Belt and One Road Initiative on the risk of FDI in enterprises is heterogeneous,showing that the decrease of foreign direct investment risk in state-owned enterprises is less than non-state-owned enterprises because of more policy dividends in latter.Besides,the degree of decline of investment risk in enterprises with non-neighboring destinations is higher than of their neighboring countries,because there is a lack of political mutual trust between China and neighboring countries in different degrees of territorial disputes.One Belt and One Road Initiative has promoted more enterprises to go abroad to participate in the world competition,which is bound to promote enterprise innovation technology to improve production efficiency.Enterprise productivity is an important index to measure the enterprise organization ability,efficiency management ability and self-service innovation ability.Higher productivity means higher profitability.One Belt and One Road Initiative has an impact on all aspects of the enterprise as a national strategy,and whether it can significantly improve the production efficiency of enterprises needs further analysis.In this paper,the propensity score matching method is used to match the control group samples for the enterprises in the key cities under One Belt and One Road Initiative.On this basis,the DID method is used to verify whether One Belt and One Road Initiative has a significant impact on enterprise total factor productivity.The results show that One Belt and One Road Initiative has had a positive effect on the total factor productivity of enterprises and has significantly improved the total factor productivity level.And the impact is dynamic adjustment process,showing that its influence on total factor productivity gradually deepens over time.Considering the heterogeneity of the sample,it is found that One Belt and One Road Initiative has a weaker and insignificant effect on the total factor productivity of state-owned enterprises,but it has a significant positive effect on private enterprises.Further considering the differences in factor inputs,the impact of One Belt and One Road Initiative on total factor productivity of labor-intensive enterprises is significantly greater than that of non-labor-intensive enterprises.Similar,the effect on total factor productivity of capital intensive enterprises is higher than that of non-capital-intensive enterprises.Enterprise performance level is the most direct indicator of enterprise's management results.Basing on test of reducing the risks of foreign direct investment and enhancing the production efficiency,it is necessary to test the impact of One Belt and One Road Initiative on the performance level of enterprise.In view of this,this dissertation also used the financial data of A-share listed companies and propensity score matching-double difference model.It was found that One Belt and One Road Initiative has a positive effect on the performance of enterprises and significantly improves the performance of enterprises.And the effect is dynamic adjustment process,showing that the support of the central,provincial and local governments for One Belt and One Road Initiative goes from shallow to deep,and the influence on enterprises is also from shallow to deep.Considering property rights and industry heterogeneity,it's found that One Belt and One Road Initiative has no significant impact on the performance of state-owned enterprises,but a significant positive impact on the performance of private enterprises.In the same way,it has significantly improved the performance of manufacturing enterprises,but has no significant impact on the performance of non-manufacturing.To further verify the impact mechanism of One Belt and One Road Initiative on enterprise performance level.This paper introduced the overseas business income as intermediary variables,and empirically analyzed the intermediate mechanism of One Belt and One Road Initiative impact on enterprise performance.The results show that One Belt and One Road Initiative has an intermediate mechanism for the impact of corporate performance,namely,the implementation of One Belt and One Road Initiative has a positive impact on enterprise performance through improving the income level of overseas business of enterprises. |
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