中国制造企业响应“一带一路”倡议对企业绩效的影响研究  

A Study on the Effect of China’s Manufacturing Enterprises Responding to the “Belt and Road” Initiative on Corporate Performance

作　　者：宋渊洋[1] 赵嘉欣 SONG Yuan-yang;ZHAO Jia-xin(East China University of Science and Technology,Shanghai 200237;Sun Yat-Sen University,Guangzhou 510275,China)

机构地区：[1]华东理工大学商学院,上海200237 [2]中山大学管理学院,广东广州510275

出　　处：《当代财经》2021年第5期77-89,共13页Contemporary Finance and Economics

基　　金：国家自然科学基金项目“东道国社会信任、海外子公司治理结构设计及绩效的关系研究”(71772062)。

摘　　要：基于中国制造业上市公司的数据,探讨企业响应"一带一路"倡议对企业绩效的影响及其机理。研究发现:与不在"一带一路"国家设立子公司的企业相比,在"一带一路"国家设有子公司的企业绩效更好;企业在"一带一路"国家设立子公司的速度越快、设有的子公司的数量越多,企业绩效越好。进一步分析发现,响应"一带一路"倡议对企业绩效的正向影响在"一带一路"倡议提出阶段比制度化实施阶段更强。在使用工具变量法控制内生性以及进行多个稳健性测试后,仍能得到一致的结论。上述结论揭示了企业响应"一带一路"倡议的经济后果,不仅有助于拓展企业政治战略的相关研究,而且对企业构建良好的政企关系以及政府更有效地实施国家大政方针有重要启示。Based on the data of Chinese manufacturing listed companies, this paper explores the impact of enterprises’ response to the"Belt and Road"initiative on their performance and its mechanism. The results show that compared with firms without subsidiaries in the"Belt and Road"countries, firms with subsidiaries in the "Belt and Road"countries enjoy better performance. The quicker a firm sets up subsidiaries, and the more subsidiaries in the" Belt and Road" countries, the better performance the firm has. Further analysis indicates that the positive influence of response to the"Belt and Road"initiative on firms’ performance is stronger at the proposal stage of the"Belt and Road"initiative than at the institutionalized implementation stage. After using the instrumental variable method to control the endogeneity and conducting multiple robustness tests, the results are consistent with the main findings. The above conclusions reveal the economic consequences of firms’ responding to the"Belt and Road"initiative, which not only helps to expand the related researches on corporate political strategies, but also has important implications for firms to build better firm-government relationship and for the government to implement national foundational policies more effectively.

关 键 词：“一带一路”倡议 企业绩效 响应国家大政方针 企业政治战略 

分 类 号：F272.3[经济管理—企业管理]