“一带一路”倡议与企业投资风险  

“The Belt and Road”Initiative and Corporate Investment Risk

作　　者：覃飞 王俪蓉 QIN Fei;WANG Li-rong(School of Mathematics and Statistics,Beijing Technology and Business University,Beijing 102400,China)

机构地区：[1]北京工商大学数学与统计学院,北京102400

出　　处：《统计学报》2023年第6期31-45,共15页Journal of Statistics

摘　　要：以“一带一路”倡议的实施作为自然实验,采用2012—2018年A股上市公司财务数据,构建双重差分模型评估“一带一路”倡议对企业投资风险的影响及作用机制。研究发现:“一带一路”倡议显著降低了企业投资风险,且在采用倾向得分匹配、控制地理特征等方法进行稳健性检验后该结论依然成立;“一带一路”倡议对企业投资风险的影响存在企业和行业异质性,表现为对小规模企业、内部治理差的企业、董事海外背景少的企业的作用更加显著,对高新技术业、资本密集业、非劳动密集业的作用更加显著;“一带一路”倡议通过政府沟通、资金融通与经营畅通机制降低了企业投资风险。This paper took the implementation of“the Belt and Road”initiative as a natural experiment,and constructed the difference-in-differences model to assess the impact and action mechanism of“the Belt and Road”initiative on corporate investment risk based on the financial data of A-share listed companies from 2012 to 2018.The results showed that,“the Belt and Road”initiative significantly reduced the investment risk of enterprises.And the conclusion was still valid after a series of robustness tests,like adopting the propensity score matching method and controlling geographical characteristics.This impact of“the Belt and Road”initiative had corporate heterogeneity,which was more evident in small-scale enterprises,the enterprises with poor internal governance,and the enterprises having the board with less overseas experiences.Meanwhile,this impact also had industrial heterogeneity,which was more evident in high-tech industries,capital-intensive industries,and non-labor-intensive industries.Besides,the reduction effect of“the Belt and Road”initiative has been supported by government communication,financing and smooth operation section.

关 键 词：“一带一路” 投资风险 对外投资 政府支持 企业异质性 行业异质性 

分 类 号：F125[经济管理—世界经济] F275