摘要
限制性产业政策能否倒逼企业利用“一带一路”倡议,通过“走出去”战略加强对外投资,以实现资源要素有效配置?本文以2011—2020年A股上市公司为研究样本,研究了“五年规划”中的产业政策限制、“一带一路”倡议以及两项政策的协同效应与中国企业对外投资之间的关系。研究发现:产业政策限制、“一带一路”倡议均显著提升了企业对外直接投资水平,且呈现协同促进效应,这一结论在考虑内生性问题和一系列稳健性检验之后依然成立。机制检验的结果表明,产业政策限制与“一带一路”倡议提升企业对外直接投资的协同效应源于政策之间具有“产能利用率提升协同”以及“企业绿色全要素生产率提升协同”。当企业面临产业政策限制和“一带一路”倡议时,非国有企业和所处地区市场化程度较低的企业更愿意选择海外投资,且更愿意在发展中国家和邻近国家进行投资。进一步研究发现,协同效用的发挥虽然提升了企业短期经营绩效,但没有提升公司价值。本文厘清了产业政策限制与“一带一路”倡议对企业对外直接投资的协同效应的影响机制和实施路径,丰富了产业政策和“一带一路”倡议与企业对外直接投资的经验证据。
When the state formulates restrictive industrial policies,can it force enterprises to use the Belt and Road initiative to strengthen foreign investment through the"Going Global"strategy,so as to realize the effective allocation of resource elements.Taking the date of A-share listed companies from 2011 to 2020 as sample,this paper examines the relationship between the industrial policy restrictions in the"Five-Year Plan",the Belt and Road initiative,the synergistic effect of the two policies and Chinese enterprises'foreign investment.The research shows that:the industrial policy restrictions and the Belt and Road initiative have significantly increased the level of enterprises'OFDI(outward foreign direct investment),and present a synergistic promotion effect,which still holds true after considering endogeneity issues and conducting a series of robustness tests.The mechanism test shows that the synergistic effect of industrial policy restrictions and the Belt and Road initiative to enhance enterprises'OFDI stems from the"capacity utilization rate enhancement synergy"and"enterprise green total factor productivity enhancement synergy"between the policies.When enterprises face industrial policy restrictions and the Belt and Road initiative,non-state-owned enterprises and enterprises in regions with lower marketization levels are more willing to choose overseas investment,and are more willing to invest in developing countries and neighboring countries.Further research finds that although the synergistic effect has improved the short-term business performance,it does not increase company value.This paper clarifies the impact mechanism and implementation path of industrial policy restrictions and the synergy effect of the Belt and Road initiative on enterprises'OFDI,and enriches the empirical evidence of industrial policies and the Belt and Road initiative on OFDI.
作者
谢香兵
李沈
XIE Xiang-bing;LI Shen(School of Accountancy,Henan University of Economics and Law,Zhengzhou 450016,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2024年第11期94-110,共17页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
河南省哲学社会科学规划项目(2022BJJ007)。
关键词
产业政策限制
“一带一路”倡议
对外直接投资
协同效应
industrial policy restrictions
the Belt and Road initiative
outward foreign direct investment
synergistic effect
