“一带一路”战略与企业绩效—关系与机制研究

“One Belt and One Road” Strategy and Corporate Performance—A Study on the Relationship and Mechanism

摘要: “一带一路”作为中国新的国际战略框架，为中国经济带来了多重发展机遇。该战略对中国及沿线国家的宏观经济效应已受到了学者广泛的关注，然而鲜有研究从微观层面探讨“一带一路”战略的影响。本文以2013~2016年“一带一路”概念股上市公司为实验组样本，采用倾向得分匹配倍差法(PSM-DID)探讨了“一带一路”战略对于微观经济主体绩效的影响以及两者间的内在影响机制。研究结果表明：“一带一路”战略背景下企业的绩效得到改善，其中投资水平在“一带一路”战略与企业绩效之间起到完全中介作用，即“一带一路”驱动了企业投资，投资又提升了企业效益。本文的研究结论有利于从微观层面上深化对“一带一路”战略效果的解读，也为“一带一路”战略背景下政府推动实体经济增长、企业提高绩效水平提供了参考依据。

Abstract: As a new international strategic framework, “One Belt and One Road” strategy has brought multiple development opportunities to Chinese economy. The “One Belt and One Road” strategy has received extensive attention from scholars on the macro-economic effects of China and countries along the routes, but few studies have explored the impact of “One Belt and One Road” strategy from the micro level. Therefore, this article adopted difference-in-difference approach based on the propensity score matching (PSM-DID) to discuss the influence of “One Belt and One Road” strategy on the performance of micro economic subjects and the internal influence mechanism between them. The results show that the “One Belt and One Road” strategy has a significant positive effect on the performance of enterprises, and the investment level plays a complete intermediary role between “One Belt and One Road” strategy and enterprise performance. This paper is helpful to deepen the understanding of the effect of the “One Belt and One Road” strategy from micro level. At the same time, this paper also gives corresponding suggestions for policy makers and enterprises.