The Impact Of The "Belt And Road" On Firm Value

As a top-level design strategy in China,the “Belt and Road” has received extensive attention from scholars at home and abroad.The existing literature about the “Belt and Road” is mainly concentrating on the national macro level research,while the micro-enterprises are few.In fact,the implementation of the “Belt and Road” has brought a good historical development opportunity to micro-enterprises.This paper uses the double difference method(DID model)to conduct an empirical analysis of listed companies affected by the “Belt and Road” and explore the impact of the “Belt and Road” on corporate value.The research samples selected from the listed companies of Shanghai & Shenzheng A stock market from 2012 to 2017,for companies which registered in the key provinces as the processing group,and the companies for which registered in the non-key provinces as the control group,initially discussed the impact of “Belt and Road”,and found that the value of listed companies in the key-province has increased compared to the listed companies in non-key provinces.At the same time,this kind of increase impact is more obvious in non-state-owned enterprises,large-scale enterprises and long-established enterprises.Further institutional testing found that the enterprise inventory turnover rate played a mediating role.This paper enriches the macro-policy research on micro-enterprises,and at the same time makes a good research and exploration on the corresponding economic value of the “Belt and Road”,and provides a good reference for the relevant departments.