"The Belt And Road" Participation,Fintech Investment And Corporate Finance Optimization

The year 2023 marks the tenth anniversary of the return of the ancient Silk Road to the global perspective with a new vitality.In the past decade,whether the "Belt and Road" initiative has effectively alleviated the financing problems of enterprises is a hot topic in assessing the microeconomic benefits of the "Belt and Road" initiative,and is also the focus of further strengthening the "Belt and Road" construction.It is also the focus of further strengthening the "Belt and Road" construction.The past decade has also been a golden decade for the development of China’s financial technology,which has brought concrete and profound changes to the traditional financial industry,and at this point in time,there is a sufficient realistic background to explore its financing optimization for enterprises,especially those participating in the "Belt and Road".In this paper,we focus on the impact of the "Belt and Road" initiative on the financing constraints of enterprises and the role played by the development of financial technology,and conduct an in-depth study according to the following levels: literature review and theoretical foundation-theoretical model construction-empirical analysis and effect evaluation-conclusions and recommendations."(1)Can enterprises participate in the Belt and Road Initiative to alleviate their financing constraints?(2)What is the mechanism of action and transmission path behind the alleviation effect?Are the transmission paths consistent for enterprises with different ownership?(3)Can Fin Tech facilitate the "Belt and Road" participating enterprises to solve their own financing problems?(4)What are the mechanisms and transmission paths behind the facilitation effect? Are the transmission paths consistent among enterprises with different ownership?In order to answer the above questions,this paper conducts a comprehensive study from theoretical analysis,empirical calculation to conclusion based on the consideration and application of information asymmetry theory and optimal financing theory.Firstly,this study analyzes the theoretical mechanism of "One Belt,One Road" participation and financial technology input affecting enterprise financing,and puts forward corresponding research hypotheses accordingly.Secondly,based on the theoretical hypothesis,the empirical test is conducted from several dimensions.The study uses the "One Belt,One Road" initiative as a natural experimental background,and uses the A-share non-financial listed enterprises in China from 2011 to 2019 as a sample to test the changes in financing constraints of enterprises participating in the "One Belt,One Road" initiative using the double difference method.The regression results were tested for robustness using the propensity score matching method,the substitution proxy method,the sample deletion method,and the control industry and regional characteristics method,and the regressions were grouped based on the nature of enterprises,industries,and cities to explore the differences in the impact of the Belt and Road Initiative on different types of enterprises.We also grouped the samples according to the nature of enterprise ownership and explored the differences in the transmission mechanisms of different enterprises.Then,a triple difference model is constructed to analyze the moderating role of fintech in the process of "One Belt,One Road" initiative influencing corporate finance.At the same time,we also explored the mechanism paths through which fintech affects the financing of the participating enterprises in the Belt and Road Initiative,and grouped the sample according to the nature of enterprise ownership to explore the differences in the transmission mechanisms of different enterprises.The main findings are as follows:First,the participation of enterprises in the Belt and Road Initiative alleviates their own financing constraints.The heterogeneity analysis finds that the participation of enterprises in the Belt and Road Initiative can effectively reduce their own financing constraints,regardless of whether they are state-owned or non-state-owned enterprises,and whether they belong to emerging industries or not;the mechanism test finds that the participation of enterprises in the Belt and Road Initiative reduces their own financing constraints."The mechanism test finds that the internal and external financing capacity of enterprises is enhanced after participating in the Belt and Road Initiative;considering the difference in the nature of enterprise ownership,the promotion of the Belt and Road Initiative strengthens the exogenous financing capacity of state-owned enterprises and the endogenous financing capacity of non-state-owned enterprises,respectively.Second,the higher the level of financial technology investment,the stronger the effect of enterprises’ participation in the Belt and Road Initiative on alleviating their financing constraints;the mechanism test finds that financial technology investment enhances the internal and external financing capacity of participating enterprises in the Belt and Road Initiative.Taking into account the difference in ownership,the investment in fintech enhances the exogenous financing ability of state-owned enterprises and the endogenous financing ability of non-state-owned enterprises respectively after the enterprises participate in the Belt and Road Initiative.