“一带一路”倡议对企业在发达国家市场的投资溢出效应研究  

Research on Outward Investment Spillover Effect of the Belt and Road Initiative in Developed Markets

作　　者：陈岩[1] 陈详详 严子淳 CHEN Yan;CHEN Xiangxiang;YAN Zichun(School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China;School of Economics and Management,Shihezi University,Shihezi 832003,China)

机构地区：[1]北京邮电大学经济管理学院,北京100876 [2]石河子大学经济与管理学院,新疆石河子832003

出　　处：《烟台大学学报(哲学社会科学版)》2025年第2期86-108,共23页Journal of Yantai University(Philosophy and Social Science Edition)

基　　金：国家自然科学基金面上项目“面向‘一带一路’的中国海外企业国际化经验转移机制研究:基于‘反向跳板’的理论视角”(72172018);国家自然科学基金面上项目“时间压缩不经济视角下非核心企业创新价值链嵌入悖论及平衡机制研究”(72374032)。

摘　　要：基于海外投资组合溢出视角,利用2009—2019年A股上市公司数据探讨“一带一路”倡议实施对企业在发达国家市场投资的影响及其影响机制。研究发现,“一带一路”倡议会强化企业沿线市场投资组合的“路径创造”溢出效应,促进企业在发达国家市场的投资。机制检验发现,“一带一路”倡议通过提升企业能力升级意识和知识学习效率两条路径影响企业在发达国家市场的投资。进一步分析发现,当企业对“一带一路”倡议响应程度较高、在沿线市场采取“分散”投资组合策略、进入区位环境被“五通”优化程度较高的沿线东道国时,“一带一路”倡议对企业在发达国家市场投资的促进作用增强。Using the overseas investment data of A-share listed companies from 2009 to 2019,this study employs a difference-in-difference model to explore the impact of the Belt and Road Initiative(BRI)on enterprises’investment in developed markets from the perspective of overseas portfolio spillover.The results show that the BRI strengthens the“path creation”spillover effect of enterprises’overseas investment portfolios,which in turn promotes their investment in developed markets.Mechanism tests reveal that enhancing enterprises’awareness of capability upgrading and improving knowledge learning efficiency are two important pathways through which the BRI promotes such investment.Further analysis indicates that the BRI plays a more significant role in promoting enterprises’investment in developed markets when enterprises are more responsive to the BRI,adopt a“diversified”portfolio strategy in BRI markets,and enter host countries along the Belt and Road where the location environment is highly optimized by the“five connectivities”.

关 键 词：“一带一路”倡议 投资组合溢出 创新意愿 知识学习效率 对外直接投资 

分 类 号：F276.6[经济管理—企业管理]