Research On The Impact Of The “Belt And Road” Initiative On Chinese Enterprises’ Outward Direct Investment

Driven by the dual strategy of "going global" and the wave of economic globalization,Chinese enterprises’ foreign direct investment(OFDI)has risen rapidly,and the domestic economy has also shown rapid growth.At present,China has entered a new normal stage,the economy is facing downward pressure,and the industrial structure is in a period of adjustment and upgrading.In order to promote the transformation of the economic growth model,the Chinese government timely put forward the “Belt and Road” initiative.The enterprise is the main body of investment,and the choice of the destination of the company’s foreign direct investment may be in compliance with government policies,or it may be based on its own actual situation and business strategy.Therefore,based on the perspective of government policies,this article comprehensively evaluates the policy impact of the “Belt and Road” initiative on Chinese companies OFDI.This article first defines the concepts of the “Belt and Road” initiative,foreign direct investment,and enterprise heterogeneity,combs the relevant theories and research literature at home and abroad,and outlines the overall characteristics and current status of Chinese companies OFDI.Second,based on the matching sample of A-share listed companies and foreign direct investment destinations from countries and regions along the “Belt and Road” from 2000 to 2017,the dual differential propensity score matching method was used to measure the impact of the implementation of the “Belt and Road” initiative on OFDI of Chinese enterprises.According to the research results,the “Belt and Road” initiative has significantly promoted OFDI of Chinese enterprises,which means that in the process of advancing the “Belt and Road” initiative,Chinese enterprises actively responded to the government ’s policy call and achieved policy dividends;the policy has a certain dynamic effect,and it has a significant impact on corporate OFDI in the first two years after the proposal is issued,and the subsequent policy effect is not obvious;the “Belt and Road” initiative has different impacts on OFDI with different ownerships.the “Belt and Road” initiative promotes the OFDI of state-owned enterprises,but the investment impact on non-state-owned enterprises is not obvious;the company ’s own profitability and the economic freedom of the host country have a significant negative impact on the Chinese company OFDI.Driven by favorable policies,large-scale expansion to extract more economic benefits.Finally,this article puts forward policy recommendations from the government level and the enterprise level,that is,the government should play a guiding role in policies,strengthen the breadth and depth of international cooperation,increase support for nonstate-owned enterprises,and improve the overseas investment legal system;Enterprises should also make rational investments in accordance with their actual conditions,raise awareness of risk prevention,and strive to build core competitiveness.It is hoped that the research results of this article can provide ideas and reference for Chinese enterprises to better "go out".