Research On The Impact Of "One Belt One Road" Initiative On The High-quality Development Of Chinese Enterprises

Since the reform and opening up,China’s economy has achieved rapid development,one of the valuable experience is insisting on opening-up.In particular,since the 18th National Congress of the CPC,the CPC Central Committee,with Comrade Xi Jinping as the core,has attached great importance to opening up to the outside world.At the end of 2013,he proposed the Belt and Road Initiative to encourage Chinese enterprises to go abroad for international investment and trade.With the global prevalence of COVID-19 and the complex and volatile external economic environment,China has always adhered to promoting economic development by opening up to the outside world,and advocated the liberalization of investment and trade,and Promote high-quality economic development with higher and deeper opening up.After eight years of development,the "One Belt,One Road" initiative has changed from focusing on "quantity" of projects to pursuing "quality" of cooperation.Enterprises are the most important co-builders of the Belt and Road Initiative,Its participation method has also changed from the initial simple commodity trade and foreign investment to the construction of industrial chain and supply chain.The "One Belt,One Road" initiative is a priority path for Chinese enterprises to go global.How can Chinese enterprises effectively participate in the high-quality construction of the Belt and Road,how to promote high-quality economic development,especially the high-quality development of enterprises with the help of the opening-up policy,is an important issue that China needs to solve at present.This paper sorts out the relevant literature on high-quality economic development and the policy effect of the “Belt and Road”,based on the data of listed companies from 2012 to 2016,examines whether the Belt and Road Initiative promotes high-quality enterprise development with an empirical approach.The study found that the Belt and Road Initiative has significantly promoted the high-quality development of Chinese enterprises,as measured by indicators such as total factor productivity(TFP)and rising status in the global value chain.After a series of robustness tests,the conclusion still holds.Further research found that with the advancement of the policy,its policy effect has shown a trend of increasing gradually.Heterogeneity test finds that the Belt and Road Initiative promotes high-quality development of both state-owned and non-state-owned enterprises.However,it will be affected by the external economic environment and policy support of the company,In the eastern region and key cooperative industries((especially in emerging industries),the policy effect is more significant.Further mechanism testing and research found that the "One Belt,One Road" initiative has intensified the market competition faced by enterprises,enabling enterprises to reduce enterprise costs(transaction costs and fixed cost)through technological innovation effects and resource allocation effects,and finally achieve high-quality development.This paper explores the factors affecting the high-quality development of enterprises under the conditions of an open economy,and enriches the micro-foundation of the theory of high-quality development.This paper empirically tests the promotion effect of the "Belt and Road" initiative on the high-quality development of enterprises and its mechanism.Based on the above research conclusions,the following policy recommendations are put forward: First,continue to improve the incentive mechanism for Chinese enterprises to participate in the "Belt and Road" initiative,and lead high-quality development with a high-level open system.Second,enterprises should seize the opportunities brought by the "Belt and Road" initiative,participate in the "Belt and Road" construction on a larger scale and at a deeper level,and help their own high-quality development.Third,not only the development strategy of enterprises but also the country’s opening-up plan,technological innovation must be placed in a prominent position and innovation-driven development.