| In order to strengthen economic cooperation among countries,expand global demand,and promote the overall recovery of the global economy,President Xi Jinping put forward an economic cooperation initiative to jointly build the Belt and Road during his visit to the relevant countries in autumn 2013.The Belt and Road Initiative aims to revive the basic spirit of international economic cooperation in the “Silk Road” era,and strives to break through the current mainstream arrangements for international economic cooperation in order to achieve balanced development of all countries in the world.It is regarded as a new paradigm for international development cooperation.In the past 7 years,the Belt and Road Initiative has changed from a vision to a reality,and its fruitful results have benefited the world.In terms of policy communication,the development strategies of China and the countries along the route have formed momentum,and the coordination of policies among countries has become increasingly stronger.In terms of facilities connectivity,a large number of interconnection projects have been implemented,a comprehensive,multilayered,and complex infrastructure network is accelerating.In terms of unimpeded trade,China has signed or upgraded free trade agreements and economic and trade cooperation agreements with various countries and regions,a free trade zone network system with great potential for development has gradually formed.In terms of financing,the multi-fund supply system has become increasingly perfect.The new multilateral financial institutions have begun to take shape and have begun to play a practical role.In terms of people-to-people communication,humanities cooperation projects are flourishing and the highlights are numerous.The rapid advancement of the Belt and Road has profoundly affected the macroeconomic environment of China and the countries along the route.First,good policy communication has improved China's bilateral relations with the countries along the route,laying a solid political foundation for the development of economic and trade cooperation among the countries along the route.At the same time,a series of institutional arrangements under policy communication have made up for the weakness in institutional construction of the countries along the Belt and Road,it has created a good policy environment for transnational operations of enterprises.Secondly,the developed interconnection network has greatly reduced the cost of international trade and overseas investment activities of enterprises,and greatly increased their enthusiasm for participating in international economic activities.In addition,the facilitation arrangementsunder the smooth flow of trade have begun to exert positive results.The mutual market opening between China and the countries along the route has continued to expand,the level of trade facilitation has increased significantly,and the convenient,stable,and friendly trading environment has benefited enterprises from all countries.At the same time,multi-level financing entities including domestic policy banks,emerging multilateral financial institutions,large commercial banks,social capital,have formed financing models with their own characteristics and advantages,providing sufficient and flexible funding guarantee for various types of economic and trade activities under the Belt and Road Initiative.Finally,China and the countries along the route have carried out various humanities exchange activities with the people's hearts in common,which has shortened the cultural distance between different countries,different nationalities and different civilizations,reduced the barriers and frictions in international economic and trade activities,and played an important role of “lubricant” and“stabilizer” in the transnational operations of enterprises.At this stage,the Belt and Road Initiative has become an important background and basis for influencing China's corporate behavior and corporate value creation;and the measures and performances that enterprises adopt under the Belt and Road Initiative not only determine to the future development of enterprises,and also affect the follow-up trend of economic and trade cooperation under the Belt and Road framework.Since the Belt and Road Initiative was proposed,it has shifted from the “Great freehand” layout to the intensive cultivation of“Claborate-style painting”.In this context,an in-depth examination of the micro influence of the Belt and Road Initiative on Chinese enterprises is of great significance for promoting the construction of the Belt and Road and promoting the high-quality development of Chinese enterprises.The issue of financing,investment and income of enterprises in the market environment is an important part of modern corporate financial theory.As far as the operation of micro-enterprises is concerned,whether funds can be obtained through appropriate channels at a reasonable cost is the basic premise for enterprises to carry out their daily business activities.Among the many investment opportunities,accurately determining the trend of economic development and making investment decisions that are most beneficial to the realization of corporate value are the fundamental drivers of corporate development.In the end,the financial performance achieved by an enterprise under financing decisions and investment decisions will directly reflect the comprehensive results of the enterprises' allocation of funds and allocation of funds.Following the above logic,this paper considers the Belt and Road Initiative proposed in the fall of 2013 as a quasi-natural experiment,building an analysis framework for the impact of the Belt and Road Initiative on corporate investment andfinancing and financial performance,revealing the micro impact of the Belt and Road Initiative on Chinese enterprises.This article consists of six chapters.The first chapter is an introduction,which includes research background,research framework,and main innovations.The second chapter is the theoretical basis and literature review.It summarizes and reviews important theories related to corporate investment and financing,and reviews the literature on the impact of the Belt and Road Initiative on macro-and-micro economic operations and performance.Chapter Three-Five are the core chapters of this article.Among them,Chapter Three examines the impact of the Belt and Road Initiative on corporate credit financing.In previous studies,when examining the role of the Belt and Road Initiative in corporate financing,most of them extended the idea of “government hands” to influence the allocation of credit resources,and focused on the role of local governments and functional departments in resource allocation.The mandatory characteristics of administrative intervention and the strong color of the planned economy cannot reflect the distinctive characteristics of the Belt and Road Initiative“open,inclusive,and market-oriented”.Different from previous studies,this chapter for the first time based on the perspective of “information asymmetry” and “corporate financial situation”,sorted out the market mechanism of the Belt and Road Initiative affecting corporate credit financing,and then conducted empirical tests with Chinese listed enterprises.This paper examines the impact,mechanism and heterogeneity of the Belt and Road Initiative on corporate credit financing,and finally conducts an extended analysis,which examines the relationship between the Belt and Road Initiative and corporate financing costs and corporate financing transaction costs.Relevant research results not only open the black box of the Belt and Road Initiative affecting corporate financing,but also further reveal the economic connotation of the Belt and Road Initiative.Chapter Four examines the impact of the Belt and Road Initiative on overseas investment of enterprises.Limited by the availability of micro data,there is relatively little research on overseas investment of enterprises,and the mechanism by which the Belt and Road Initiative affects micro enterprises is unclear.Rather than focusing on the total foreign direct investment of Chinese enterprises in the past,this chapter first explores the micro-mechanisms of the Belt and Road Initiative affecting overseas investment of enterprises,and then uses micro data from Chinese listed enterprises for empirical research to examines the impact,mechanism and heterogeneity of the Belt and Road Initiative on overseas investment of enterprises.Relevant research results not only provide micro-evidence of the impact of the Belt and Road Initiative on overseas investment of enterprises,but also further clarify the causal relationship between the Belt and Road Initiative and overseas investment.Chapter Five examines the impact of the Belt and RoadInitiative on corporate financial performance.At the moment when resource dividends,demographic dividends and technological dividends are gradually being exhausted,the digable space of traditional profit sources is also shrinking.To this end,enterprises have begun to seek new sources of profit for new fields outside the field of production,production technology,and circulation,that is,the “fourth source of profit”.The Belt and Road Initiative can reduce friction and unnecessary transaction costs in economic activities,promote the increase of corporate profits,and form a new source of profits.For the first time,this chapter sorts out the internal connection between the Belt and Road Initiative and corporate financial performance based on the perspective of the “fourth source of profits” of the enterprise,and then uses micro data from Chinese listed enterprises for empirical research to examines the the impact,mechanism and heterogeneity of the Belt and Road Initiative on the financial performance of Chinese enterprises.The research findings in this chapter not only reveal the mechanism of the Belt and Road Initiative to improve corporate financial performance,but also provide theoretical support for further optimizing the policy system for the Belt and Road Initiative.Finally,in Chapter Six,this article summarizes the main findings of the research and looks forward to future research.This paper mainly draws the following conclusions:(1)The Belt and Road Initiative significantly expanded the scale of credit financing for related enterprises,while reducing the information asymmetry of the enterprises and improving the enterprises' own financial status are the important mechanisms for the Belt and Road Initiative to promote corporate credit financing.The impact of the Belt and Road Initiative on corporate credit financing is heterogeneous.Compared with Non-key provinces and Inward-oriented cities,the promotion effect of the Belt and Road Initiative on corporate credit financing China is even more prominent in the key provinces and Export-oriented cities.Among the key industries,the financing promotion role of the Belt and Road Initiative is concentrated in the surplus capacity industries and commerce and service industries.However,the financing promotion effect on the commerce and service industry is most significant.Also,the Belt and Road Initiative also has an enhancement effect on the financing of Non-key industries.Compared with small enterprises,growth enterprises and recession enterprises,the Belt and Road Initiative has significantly improved the credit financing of large enterprises and mature enterprises.The Belt and Road Initiative promotes corporate credit financing without ownership discrimination.At the same time,the Belt and Road Initiative can effectively reduce the financing costs and financing transaction costs of related enterprises.(2)The proposal of the Belt and Road Initiative has significantly promoted the overseas investment of related enterprises,and increasing the financial and fiscal support of enterprises and reducingthe risk of overseas investment are important channels for the Belt and Road Initiative to promote overseas investment of enterprises.The impact of the Belt and Road Initiative on corporate overseas investment is heterogeneous.The Belt and Road Initiative has significantly promoted the greenbelt investment of enterprises,and also played a “stabilizer” role in cross-border mergers and acquisitions of enterprises.Compared with Non-key provinces and Inward-oriented cities,the promotion effect of the Belt and Road Initiative on corporate overseas investment is more prominent in the key provinces and the Export-oriented cities.Compared with mature enterprises,the Belt and Road Initiative promotes overseas investment concentrated on growth enterprises and recession enterprises.The promotion effect of the Belt and Road Initiative for overseas investment without ownership discrimination,but as far as the level of affiliation of state-owned enterprises,the Belt and Road Initiative mainly promotes overseas investment by central enterprises.(3)The Belt and Road Initiative significantly promoted the profitability of related enterprises.After controlling traditional profit sources and other variables that affect the profitability of the enterprises,the Belt and Road Initiative still has a significant effect on corporate profitability.The Belt and Road Initiative can indeed create a “fourth source of profit” for Chinese enterprises.Further research shows that reducing the transaction costs of enterprises in the sales and financing links are the important mechanism for the Belt and Road Initiative to promote corporate profitability.The impact of the Belt and Road Initiative on corporate financial performance is heterogeneous.Compared with Non-key provinces and Export-oriented cities,the promotion effect of the Belt and Road Initiative on corporate profitability levels in key provinces and Inward-oriented cities is more prominent.Compared to Non-key industries,the Belt and Road Initiative has a greater effect on profitability of the key industries.In particular,in the key industries,the Belt and Road Initiative can promote the the profit level of industries with surplus production capacity.Compared with enterprises in growth and maturity periods,the profit margin enhancement effect of the Belt and Road Initiative is concentrated in recession enterprises.The Belt and Road Initiative's Promoting effect on corporate profitability without ownership discrimination,but as far as the affiliation level of state-owned enterprises is concerned,the Belt and Road Initiative has mainly promoted the increase in profitability of central enterprises. |
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