The Belt and Road Initiative and Financing Constraint for Chinese Enterprises  

作　　者：Xu Si He Xiaoyi Zhong Kai 徐思;何晓怡;钟凯(School of Economics and Management,South China Normal University(SCNU),Guangzhou,China;International Business School,University of International Business and Economics(UIBE),Beijing,China)

机构地区：[1]School of Economics and Management,South China Normal University(SCNU),Guangzhou,China [2]International Business School,University of International Business and Economics(UIBE),Beijing,China

出　　处：《China Economist》2019年第6期109-124,共16页中国经济学人（英文版）

基　　金：Youth Program of the National Natural Sciences Foundation of China (NSFC) “Study on Underwriters’ Behaviors in the Full Life-Cycle of Corporate Bonds” (Grant No. 71802085);Youth Program of the National Humanities and Social Sciences Foundation “Study on the Promotion Incentives of SOE Executives and the Concealment of Corporate Bad News: Theoretical and Empirical Analysis” (Grant No. 18YJC630211);Youth Program of the Humanities and Social Sciences Research Foundation of the Ministry of Education “Study on the Economic Consequences of Corporate Investment and Financing Maturity Mismatch: Analysis Based on a Corporate Risk Perspective” (Grant No. 19YJC630232)

摘　　要：In the context of China’s proactive implementation of the Belt and Road Initiative(BRI),unraveling the BRI’s effect on corporate behavior is of vital importance to China’s policymaking on overseas investment.With the BRI’s enactment as a quasi-natural experiment,this paper employs the difference in differences(DID)method to investigate the BRI’s effect on the financing constraint for Chinese enterprises.Our study finds that the BRI’s implementation has significantly reduced financing constraints for BRI enterprises,and the effect is more significant for emerging advantageous industries and export-oriented node cities.In the context of China’s proactive implementation of the Belt and Road Initiative(BRI), unraveling the BRI’s effect on corporate behavior is of vital importance to China’s policymaking on overseas investment. With the BRI’s enactment as a quasi-natural experiment, this paper employs the difference in differences(DID) method to investigate the BRI’s effect on the financing constraint for Chinese enterprises. Our study finds that the BRI’s implementation has significantly reduced financing constraints for BRI enterprises, and the effect is more significant for emerging advantageous industries and export-oriented node cities.

关 键 词：the BELT and ROAD Initiative(BRI) FINANCING constraint GOVERNMENT support FINANCING cost quasi-natural experiment 

分 类 号：F42[经济管理—产业经济]