商贸企业参与“一带一路”建设的财务影响及其动因研究  

Study on the Financial Impact of Commercial Enterprises'Participation in the Construction of Belt and Road and Its Motivation

作　　者：曹玉鹏 郭德友 于博 CAO Yupeng;GUO Deyou;YU Bo

机构地区：[1]天津财经大学金融学院

出　　处：《财务研究》2025年第1期100-112,共13页Finance Research

基　　金：天津市金融学会重点调研课题(TJX202207)。

摘　　要：本文通过手工查询年报,确定商贸企业与“一带一路”沿线国家开展贸易往来的真实时间,在此基础上利用双重差分模型考察了参与“一带一路”建设对我国商贸企业财务绩效的影响,并分析了商贸企业参与“一带一路”建设的内在动力机制。研究发现:(1)参与“一带一路”建设对商贸企业财务绩效具有一定提升效应,但提升作用存在滞后性和非稳定性。(2)参与“一带一路”建设提高了商贸企业销售收入,但并未降低其经营风险,且对不同类型成本的冲击效应较为复杂,管理成本得以优化,而销售成本有所增加。并且,参与“一带一路”建设对企业长期信贷资金的获取和营运资金的周转效率具有提升作用。这说明企业参与“一带一路”的动因不仅仅在于绩效寻求,也在于提高资金获取和资金运转能力。(3)银行对参与“一带一路”建设的企业表现出信贷支持意愿,但分组检验发现,对于那些经营风险较低的企业,信贷支持程度更高,即信贷支持是在风险甄别基础上条件化实施的。本文研究揭示了参与“一带一路”建设对商贸企业的积极作用,为推动商贸企业积极开展“一带一路”贸易服务提供了理论依据和政策参考。This paper determines the real time of trade transactions between commercial enterprises and countries along the Belt and Road by manually querying the annual reports,and on this basis examines the impact of participation in the Belt and Road construction on the financial performance of China's commercial enterprises using the double-difference method and analyzes the intrinsic motivation mechanism of commercial enterprises'participation in the Belt and Road construction.The study finds that:(1)Participation in the Belt and Road construction has a certain enhancement effect on the financial performance of commercial enterprises,but the enhancement effect has a lag and non-stability.(2)Participation in the Belt and Road construction has increased the sales revenue of commercial enterprises,but has not reduced their business risks,and the impact on different types of costs is more complex,with management costs optimized and sales costs increased.Moreover,participation in the Belt and Road construction has enhanced the enterprises'access to long-term credit funds and working capital turnover efficiency.This suggests that the motivation for enterprises to participate in the Belt and Road is not only to seek performance,but also to improve access to capital and the ability to operate it.(3)Although banks are willing to provide credit support to enterprises participating in the construction of Belt and Road,the group test finds that the degree of credit support is higher for enterprises with lower business risks.This implies that the credit support is conditional on risk screening.This paper reveals the positive effects of participating in the construction of Belt and Road on commercial enterprises,and provides theoretical basis and policy reference for promoting commercial enterprises to actively carry out Belt and Road trade services.

关 键 词：“一带一路” 企业财务绩效 信贷供给 双重差分模型 

分 类 号：F270[经济管理—企业管理] F275[经济管理—国民经济]