“一带一路”倡议如何保障数字经济国际投资合作行稳致远?——基于数字互联互通的中介作用研究  

How Does the Belt and Road Initiative Ensure the Stability and Long-term Development of International Cooperation in the Digital Economy?——Mediation Effect Test Based on Investment Risk

作　　者：邱佩瑶 葛纯宝 王晶 石怡婧 Qiu Peiyao;Ge Chunbao;Wang Jing;Shi Yijing

机构地区：[1]南京师范大学商学院 [2]南京大学商学院 [3]上海大学商学院 [4]南京大学外国语学院

出　　处：《投资研究》2023年第4期22-37,共16页Review of Investment Studies

基　　金：国家社会科学基金项目(20BJY001)国内消费升级驱动战略性新兴产业发展研究;江苏省研究生科研与实践创新计划项目(KYCX22_1388)中国数字经济企业对外直接投资的创新溢出效应研究;国家自然科学基金项目(71972104)国际化经验是否提升了国际化绩效—一项多层次整合研究。

摘　　要：本文以2000-2021年中国A股上市公司为研究样本,运用中介效应模型,从信息不对称视角考察了“一带一路”倡议对数字经济国际投资合作的影响及其作用机制。研究结果表明:“一带一路”倡议实施显著促进了数字经济国际投资合作,该结论在经过一系列的有效性和稳健性检验后仍然成立,数字互联互通可能是其关键作用机制。此外异质性分析发现,从区位特征区分考察,“一带一路”倡议更显著地促进投资风险较低的沿线国家,且对亚洲国家的投资存在更显著的促进效应;从企业投资存续类型区分考察,“一带一路”倡议对持续投资和投资进入的促进效果更好,对投资退出不存在显著的促进效应。本文丰富了数字经济国际投资合作领域的研究内容,对“一带一路”倡议的高质量发展具有一定参考价值。Taking China's A-share listed companies from 2000 to 2021 as a research sample,this paper uses the mediation effect model to investigate the impact and mechanism of the"Belt and Road"initiative on international investment cooperation in the digital economy from the perspective of information asymmetry.The results show that the implementation of the Belt and Road Initiative has significantly promoted international investment cooperation in the digital economy,and this conclusion is still true after a series of validity and robustness tests,and digital connectivity may be its key mechanism.In addition,the heterogeneity analysis shows that from the perspective of location characteristics,the"Belt and Road"initiative promotes countries along the route with lower investment risk more significantly,and has a more significant promotion effect on investment in Asian countries.From the perspective of the types of enterprise investment,the"Belt and Road"initiative has a better promotion effect on sustained investment and investment entry,and there is no significant promotion effect on investment exit.This paper enriches the research content in the field of international investment cooperation in the digital economy and has certain reference value for the high-quality development of the"Belt and Road"initiative.

关 键 词：“一带一路”倡议 数字经济国际投资合作 促进机制 中介效应模型 

分 类 号：F125[经济管理—世界经济] F49