| The “Belt and Road” is an international exploration of the new regional economic integration development under the new normal.As the core of the modern economy,finance is bound to be integrated into the “Belt and Road” construction.The establishment of the AIIB and the Silk Road Fund reflects the important force that finance can't ignore in the “Belt and Road” initiative.The Silk Road spans a thousand years of history and provides a platform for material and cultural exchanges between the East and the West.Commodity trade naturally leads to currency circulation and financial exchanges.The Silk Road trade prosperity has promoted financial development.China's financial cooperation with participating countries and organizations in the “Belt and Road” has been deepening,and a “One Belt,One Road” financial cooperation network with a certain scale and clear hierarchy is taking shape.The “One Belt,One Road” initiative based on top-level design may affect regional financial development levels in terms of financial needs,financial innovation,and financial cooperation.Innovation is an important driving force for the long-term growth of a country's economy.It is the cornerstone for building a country's competitive advantage and requires stable and reliable financing channels.The level of regional financial development determines the degree of external financing constraints of enterprises.The improvement of financial development level can help reduce the supervision cost of financial institutions and the fraud costs of innovators,weaken the principal-agent problem,and better control the future earnings of innovation activities.Uncertainty and failure risk,improve the efficiency of capital allocation between the financial system and innovation activities,thereby reducing the cost of obtaining funds from outside and improving the innovation capability of the R&D department.The “Belt and Road Initiative” is closely related to financial development.It is a process of “based on macro and acting on micro”.Through the guidance of macro policies and the placement and application of financial capital,micro-individual enterprises are ultimately benefited.Therefore,it is necessary to integrate them.Think about it.This paper divides the financial system into the development of the banking system and the development of the stock market.The enterprise innovation is regarded as the decision-making stage and the input stage.The propensity score matching double difference method(PSM-DID)is used for empirical testing.The “Belt and Road Initiative” can be considered as a quasi-natural reform experiment,applied to the dual difference model(DID)for effect analysis and policy evaluation.However,listed companies along the “Belt and Road Initiative” and listed companies in non-promotional provinces often have systematic differences in various aspects before the implementation of the initiative.This paper uses the propensity score matching method(PSM)to match the experimental group listed companies.comparisons.The main conclusions of this paper are as follows:(1)The implementation of the initiative has significantly promoted regional financial development,and has obvious lag characteristics,and promoted the development of the banking system stronger than the stock market;(2)In the context of the “Belt and Road Initiative”,the bank The scale expansion and efficiency improvement of the industry have effectively promoted the enterprise's innovation decision-making and innovation investment.(3)In the context of the “Belt and Road Initiative”,due to the lag of the stock market development and the insufficient scale of the economy,the expansion of its scale does not encourage enterprises to carry out innovation activities.And the efficiency of the stock market will help companies make innovative decisions and innovation investments.Finally,based on the research conclusions,the policy recommendations of this paper are proposed. |
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