| With the Belt and Road strategy entering the implementation stage,more and more Chinese enterprises speed up their pace of investment.In this context,it is of theoretical and practical significance to evaluate the performance of Chinese companies participating in the “One Belt and One Road” investment and provide targeted recommendations for the improvement of investment performance.This article is divided into six chapters altogether: the first chapter is the introduction part,mainly introduced the research background,research significance,the research ideas and research methods of this article.The second chapter are to study the content of the existing research results and try to find out innovation and objectively analyzes the difficulties of the research may occurred.The third chapter is based on the Belt and Road,it introduces the basic pattern,industry characteristics and geographical features of Chinese enterprises' participation in the Belt and Road investment.It also paves the way for the empirical analysis of the following two chapters.The fourth chapter and the fifth chapter are the core chapters of this article.The two chapters take the listed companies which invested along Belt and Road as their samples,through the accounting research method,factor analysis and event research method,the two dimensions of investment performance and market performance of Chinese listed companies are empirically studied.Specifically,in the study of market performance,this paper measures the average daily excess return rate and cumulative excess return rate during the event period of participating in the “Belt and Road” investment sample company,and carries out a significant test of the excess return rate from the stock price.From the angle of volatility,we analyze the market performance of listed companies participating in the “One Belt and One Road” investment.In the study of business performance,this paper adopts the accounting research method to construct the evaluation index system of the company's operating performance from the four perspectives of the company's asset operating efficiency,asset quality,debt repayment ability and development ability,and applies the factor analysis method to compress the above four indicators.A comprehensive score will be used to evaluate the business performance of companies participating in the “One Belt and One Road” investment.The last chapter summarizes the contents of this article,at the same time,puts forward some suggestions for the enterprises in our country to participate in the Belt and Road investment.Finally,this article reflects on the insufficient research of this paper and put forward the future research direction of improvement.The conclusions of this paper are as follows:(1)The market performance of enterprises that participated in Belt and Road has been improved and the shareholders gain the wealth effect from stock market.(2)The business performance of enterprises have not been improved when the enterprises participated in Belt and Road. |
PDF Full Text Request