Can "The Belt And Road" Initiative Effectively Alleviate Overcapacity?

"The Belt and Road" initiative has taken 6 years since the co-construction was initiated,and has begun to shift from the layout stage to the intensive farming stage Looking at the related research on the economic effects of "the Belt and Road" initiative,most of them focus on its connotation and extension,goals and positioning,opportunities and challenges,paths and strategies,and are based on the new pattern of global governance,geopolitics,global value chain division of labor,and economic and trade cooperation.And other diversified perspectives,conducted extensive and in-depth discussions from a macro level.From a micro perspective,what impact will "the Belt and Road" initiative have on micro-economic entities such as enterprises?Based on the design ideas of quasi-natural experiments,this paper considers "the Belt and Road" initiative as a policy shock.It takes whether the registered place belongs to the 18 key provinces of "the Belt and Road" initiative as the criterion.The database of A-share listed companies uses the double difference model,a common method for evaluating the effects of policy implementation,to examine the relationship between"the Belt and Road" initiative and the capacity utilization efficiency of enterprises.The study found that:First,after controlling industry characteristics,the implementation of"the Belt and Road" initiative has significantly promoted the listed companies in key provinces to increase their total asset turnover rate compared to non-key affected provinces.The improved capacity is characterized by a processing effect of 6.07%After the placebo test and multiple robustness tests,the empirical results are still robust Secondly,this article also conducted a sub-sample regression on the nature of property rights.The results show that "the Belt and Road" initiative has also promoted the use of capacity by state-owned and non-state-owned enterprises.The improvement of efficiency,but there are certain differences in its promotion effect.State-owned enterprises may enjoy more policy dividends in the early stage.The initiative has a higher effect on the productivity utilization efficiency of state-owned enterprises than non-state-owned enterprises"The Belt and Road" initiative was put forward under the background of the increasingly prominent contradiction between supply and demand in China's production capacity.Facing the profound and complicated changes in the current market,it is necessary to grasp the opportunities of comprehensive opening-up and development in the new era and actively resolve excess capacity.It is both a general trend and a realistic move.Therefore,an in-depth discussion of this proposition not only provides a new micro-perspective for the study of the economic effects of the Belt and Road Initiative.At the same time,it also provides effective empirical evidence for enterprises to "go global" in-depth docking of "the Belt and Road" initiative and the orderly development of international capacity cooperation.