| Based on the latest data released by CGIT and WIND financial database,this paper discusses the influence of Chinese listed companies’ direct investment on the performance of enterprises in countries and regions along the "One Belt And One Road" route.Unlike previous literature database using China’s industrial enterprises,research on Chinese enterprise foreign direct investment to the enterprise productivity,this paper selected the enterprise investment from 2005 to 2019 subsidiary and quarterly balance sheet,income statement,the cash flow statement data as well as the corresponding quarter of market value,the top 10 shareholders holding data,study of foreign direct investment and enterprise performance relationship,can more directly reflect the enterprise of foreign direct investment’s influence on the enterprise operating performance,as well as the current situation of enterprise management.And in this paper,starting from the microscopic enterprise financial index data,using the enterprise ROA(net interest rate of the rights and interests),cash flow,such as the ratio of book value and the enterprise of foreign direct investment(fdi)detailed data,analysis of enterprise of "area" national and regional direct investment relationship with corporate performance,and focuses on the listed companies of China,investing in “One Belt One Road” areas,to Chinese OBOR initiative and Chinese companies investment in OBOR countries and regions,it has a certain reference significance.The main conclusions of this paper are as follows: First,from the performance of Chinese enterprises before and after their direct investment in "One Belt And One Road" countries and regions,the direct investment of Chinese OFDI enterprises improves the performance of enterprises themselves on the whole.Second,after the direct investment of Chinese enterprises in "One Belt And One Road" countries and regions,with the deepening OFDI investment,it has a negative impact on the performance of enterprises.Third,the direct investment of China’s OFDI enterprises in countries with a high score of "One Belt And One Road" has a greater positive effect on their own performance.Fourth,the "area" national and regional energy and transportation industry before and after the direct investment in China investment have significant positive effects on the corporate performance and obor,indicates that China’s energy industry and transportation industry OFDI enterprises in the area national and regional enterprise performance has been improved significantly after the direct investment.All in all,Chinese companies to "One Belt One Road" all the way along the countries and regions,direct investment has positive effect on their own performance improvement,but from the Chinese companies " One Belt One Road " all the way along the route of countries and regions by direct investment,with the deepening of the direct investment,the growth of the total amount of direct investment,negatively related with the Chinese enterprise’s performance improvement,the possible reason is that Chinese companies to " One Belt One Road " all the way along the national and regional direct investment focus on energy and other natural resources industry,on the one hand,these industries fixed capital investment is higher,and the need for money,so,The equipment cost depreciation that needs to be amortized during accounting period also is increasing."One Belt And One Road",on the other hand,most countries and areas along the economic development level is not high,some countries regime change frequently,the low level of the rule of law,made in China in all the way along the direct investment risk is bigger,the original sound development of foreign direct investment projects,may be because the host country policy of regime change or alteration and suddenly ground to a halt. |
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