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Keywords

“Belt and Road” initiative, enterprise investment efficiency, financing constraints, resource allocation

Abstract

Taking the A-share listed enterprises from 2011 to 2020 as research samples, this paper empirically tests the impact of the “Belt and Road” Initiative on the investment efficiency of Chinese enterprises, and further explore the action path between the two. The research adopts the “Belt and Road” Initiative as the standard natural experiment, and selects the annual PSM-DID research method for empirical test. The study found that: compared with enterprises not participating in the “Belt and Road” Initiative, participating in the “Belt and Road” Initiative can improve the investment efficiency of enterprises; compared with under-invested enterprises, participating in the “Belt and Road” Initiative can improve the investment efficiency of over-invested enterprises. Further, the mediation effect test proves that the “Belt and Road” Initiative can promote the investment efficiency of enterprises by alleviating financing constraints and improving resource allocation. This paper enriched the research on the implementation effect of the “Belt and Road” Initiative, and provided policy suggestions for the further deployment of the “Belt and Road” Initiative.

DOI

10.16315/j.stm.2022.01.009

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