“一带一路”倡议对沿线国家融资环境的促进作用  

The Role of the Belt and Road Initiative in Promoting the Financing Environment of Countries along the Route

作　　者：林辉 孙煦初[1,2] LIN Hui;SUN Xuchu(Research Center for Economic and Social Development of the Yangtze River Delta,Nanjing University,Nanjing 210093,China;School of Economics,Nanjing University,Nanjing 210093,China)

机构地区：[1]南京大学长江三角洲经济社会发展研究中心,江苏南京210093 [2]南京大学经济学院,江苏南京210093

出　　处：《经济与管理评论》2022年第1期33-46,共14页Review of Economy and Management

基　　金：教育部人文社会科学重点研究基地“南京大学长江三角洲经济社会发展研究中心”暨“区域转型与管理变革协同创新中心”重大课题“长三角区域资本市场发展研究”(CYD-2020008)。

摘　　要：基于1998-2018年世界各国的融资数据,运用广义合成控制法(GSC)研究了“一带一路”合作协议的签署对沿线国家产生的政策效应。结果显示,同中国签署“一带一路”合作协议能够切实地提升沿线国家的融资环境。进一步细分融资环境指标后发现,协议的达成给沿线各国带来的最大提升在于融资规模的扩大,对于资金支持及融资安全性的提升相对较小。对沿线不同经济带的国家进行分样本讨论发现,“一带一路”合作协议的签署对于不同经济带的国家存在异质性的影响,对“一路”国家的提升大于“一带”国家。Based on the countries'financing data from 1998 to 2018,this article uses the Generalized Synthetic Control Method(GSC)to study the policy effects of the signing of the"Belt and Road"cooperation agreement on the countries along the route.The results show that joining the"Belt and Road Initiative"can effectively improve the financing environment of countries along the route.After further subdividing the financing environment indicators,it is found that the most significant improvement of the agreement on the countries along the route lies in enlarging the finance scale,and the role of improving financial support and security is relative small.The sub-sample analysis of different countries finds that the signing of the"Belt and Road"cooperation agreement has a heterogeneous impact on the countries of different economic belts along the route,the improvement on the"One Road"countries is greater than that of the"One Belt"countries.

关 键 词：“一带一路”倡议 政策效应研究 融资环境指数 广义合成控制法 

分 类 号：F830[经济管理—金融学]