| In recent years,China’s economy has entered a new normal stage of transformation from high-speed growth to medium-high growth,and is in a critical period of transformation and upgrading of development mode,optimization and adjustment of industrial structure,and innovation and breakthrough of growth momentum.Internally,Chinese traditional enterprises are facing the pressure of national policies to adjust industrial structure and integrate and eliminate inefficient industries;externally,they are facing the re-industrialization of developed countries,the adjustment of global industrial landscape and the increasingly intense international trade conflicts.In this context,how to realize the transformation and upgrading of enterprises and thus drive the high quality development of the economy has become a key issue to be solved in China.The "Belt and Road" initiative is based on the continuing recession of the world economy,the slowdown of China’s economic growth,and the pressure of overcapacity,structural adjustment and transformation and upgrading due to insufficient effective demand.It is not only an important path for China to expand and open up to the outside world and change the way of economic development,but also a response to the requirements of China’s reform,opening up and innovative development.The "One Belt,One Road" initiative aims to build a win-win cooperation path for common development and prosperity with countries along the route,to overcome the dilemma of industrial upgrading from the supply side by further deepening the strategy of "going out and bringing in",and ultimately to ensure the sustainable development of China’s economy.Using Chinese A-share enterprises from 2011 to 2020 as a sample,this paper incorporates the "Belt and Road" initiative and enterprises’ micro behavior into the analysis framework of enterprise transformation and upgrading,and uses the double difference(DID)model to study the policy effects of the "Belt and Road" initiative on the transformation and upgrading of Chinese enterprises.In terms of robustness tests,the paper uses parallel trend tests,substitution of explanatory variables,one-period lagged control variables,removal of sample observations in the pilot year,policy exogeneity tests,placebo tests,and propensity score matching double difference(PSM-DID)to further enhance the reliability of the findings.Considering the indirect effects of macro policies on microeconomic agents,this paper adopts the mediating effect model to test the mediating role of green technology innovation and the moderating effect model to test the moderating role of factor flows,and analyzes the specific mechanisms of the "Belt and Road" initiative to influence the transformation and upgrading of enterprises.In terms of heterogeneity testing,this paper investigates the heterogeneous impact of the Belt and Road Initiative on the transformation and upgrading of Chinese enterprises by grouping enterprises from the perspectives of property rights,enterprise size,capital intensity and geographical location.The main findings of this study are as follows:(1)the Belt and Road Initiative significantly improves the level of enterprise transformation and upgrading;(2)green technology innovation is a mediating variable of the Belt and Road Initiative in promoting enterprise transformation and upgrading;(3)the acceleration of factor mobility can further positively regulate the role of the Belt and Road Initiative in promoting enterprise transformation and upgrading.This paper expands the research on the Belt and Road Initiative and enterprise transformation and upgrading,and provides empirical evidence and policy suggestions for the subsequent policy deployment of the Belt and Road Initiative,as well as ideas for enterprises’ own development and upgrading. |
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