Research On The Impact Of The Belt And Road Initiative On Enterprise Innovation Capability

Since 2015,the National Development and Reform Commission,the Ministry of Foreign Affairs,and the Ministry of Commerce jointly issued the "Vision and Action for Promoting the Construction of the Silk Road Economic Belt and the 21 st Century Maritime Silk Road." The Belt and Road Initiative has become a hot topic for scholars.However,from the micro level,the research on the impact of the Belt and Road Initiative on Chinese enterprises is rare.Therefore,this paper is based on the enterprise level and explores the policy effects of the Belt and Road Initiative.Since the 19 th National Congress proposed innovation to lead development,enterprise-level research has focused on enterprise innovation.Therefore,this article regards the Belt and Road Initiative as a quasi-natural experiment,using the data of overseas investment enterprises of Shanghai and Shenzhen stock markets from 2013 to 2017,using the PSM-DID method to return samples and exploring the Belt and Road Initiative for enterprise innovation.What impact does the ability have? Further,based on the perspective of corporate heterogeneity,this paper explores the nature of property rights,the overseas background of directors,whether high-tech enterprises and enterprises are regulating the innovation ability of enterprises in the Belt and Road key provinces in the context of the Belt and Road.The results show that the Belt and Road Initiative can effectively enhance the innovation capability of overseas investment companies.Then,according to the nature of property rights,the proportion of overseas experience of the board of directors,high-tech enterprises and key provinces of the Belt and Road,they will be grouped and empirically returned.The results show that in state-owned enterprises,directors with overseas experienced enterprises,non-high-tech enterprises and enterprises in key provinces,the initiative has a stronger effect on the innovation ability of enterprises.Especially in non-high-tech enterprises,the Belt and Road Initiative has a more significant effect on the output of non-inventive patents.Further research found that under the background of the Belt and Road Initiative,enterprises and governments actively responded to national policies and promoted policy promotion.It also verifies that the path of the Initiative affecting the innovation capability of enterprises is the path of investment income,the path of competition in overseas markets and the path of non-technical channels.The innovation of this paper lies in: Firstly,this paper uses the empirical data of China’s overseas direct investment enterprises to explore the reverse technology spillover effect brought by enterprises on the investment of the Belt and Road developing countries,which is different from the previous research of OFDI investment in developed countries.The perspective is unique.Secondly,from the perspective of enterprise heterogeneity,explore the role of heterogeneous corporate differences in enhancing the innovation ability of enterprises,and then test the influence of the initiative on innovation ability in different regions.The selection is original.Finally,explore the specific path of the initiative to enhance the ability of enterprises to innovate.In the past,there was little research in this direction to enrich the research on the mechanism of action in this field.