"One Belt One Road" Initiative,Corporate Risk-taking And Foreign Direct Investment

Under the current domestic and international situation,China’s economic growth has entered a stage of new normal.At the same time,the structural imbalance of domestic demand faced by China’s rapid economic growth has gradually become prominent.It is urgent to transform the economic growth mode and open up new international markets.The construction of the "Belt and Road" has become the new normal of China’s economy to deal with domestic and international situations.Decision-making.Whether the "Belt and Road" initiative can promote enterprises to carry out the process of internationalization and improve their business conditions is the key issue of this paper.In addition,although the "Belt and Road" initiative is essentially to strengthen economic,political,and cultural exchanges between China and the countries along the "Belt and Road",it is also to facilitate the convenience of both parties in international investment.However,the increase in investment flows also means that my country’s foreign direct investment risks will also increase.The foreign direct investment risks of enterprises are an important issue facing enterprises"going out".Due to the uncertainty of the host country environment,enterprises are facing financing,exchange rate fluctuations,and exchange rate fluctuations.A series of economic risks such as instability of economic policies,and the characteristics of a wide range and deep degree of influence,have greatly reduced the confidence of cross-border investors in the internationalization of enterprises.Therefore,this article aims to explore the promotion effect of the "Belt and Road" policy on my country’s enterprises’ foreign direct investment through empirical analysis and whether the"Belt and Road" policy has increased the economic risk-bearing level of enterprises’foreign direct investment through financing facilitation,so as to better serve our country.Provide empirical evidence to promote the construction of the "Belt and Road".This paper selects the OFDI micro-panel data of China’s listed companies from 2006 to 2018,and uses the policy event evaluation method-propensity score matching-double difference method to conduct an in-depth discussion on the investment promotion effect of the "Belt and Road" initiative on my country’s listed companies.The main conclusions are as follows:First,the implementation of the"Belt and Road" initiative has significantly promoted the growth of Chinese companies’ foreign direct investment in countries along the route,and this result has passed a series of effectiveness and robustness tests.Secondly,the "Belt and Road"initiative has significantly increased the level of economic risk-taking of enterprises,which in turn promoted the improvement of the level of foreign direct investment by Chinese enterprises.That is,the "Belt and Road" initiative has increased the willingness of corporate investors to take risks.Thirdly,this article has passed a series of heterogeneous analysis and found that if the investment area is divided into the"Maritime Silk Road" and the "Land Silk Road",the "Belt and Road" initiative will only promote the former,while it will promote the latter.There is no obvious impact;the investment subject will be divided into state-owned enterprises and non-state-owned enterprises.The research results show that at this stage,the "Belt and Road" initiative only has a more significant impact on the foreign direct investment of state-owned enterprises;according to the division of investment industries,the "Belt and Road" initiative has The promotion effect of enterprises’ foreign investment in countries along the route is reflected in the infrastructure and information technology industries.