Research On The Impact Of The "The Belt And Road" Initiative On Chinese Enterprise Innovation

Today,China’s economic development is facing an important transformation-from pursuing high-speed economic growth to pursuing high-quality economic development.Innovation,as the primary driving force for development,is the key to promoting China’s economic development and helping China’s economy achieve a successful transformation.As the main body of technological innovation,enterprises play an important role in the process of building an innovative country in China.However,on the one hand,Chinese enterprises are constrained in their own development by the difficulty of breaking through core technology research and development,and on the other hand,they are hindered by trade barriers,technological blockades,and other means from some developed countries,resulting in many difficulties for their innovative development.Since the "the Belt and Road" initiative was put forward,the promotion of innovation and development has been included in the promotion goal of the initiative.How does the "the Belt and Road" initiative affect the innovation of Chinese enterprises? Can the continuous promotion of the "the Belt and Road" initiative boost the development of Chinese enterprise innovation? Obviously,studying this issue has very important theoretical and practical significance.Through reading and sorting out the macro and micro economic effects of the "the Belt and Road" initiative and the existing literature on internal and external factors affecting Chinese enterprise innovation,this paper summarizes and analyzes the development status of OFDI and innovation along the "the Belt and Road" in China.Based on the theoretical research of previous scholars,this paper summarizes the impact mechanism of the "the Belt and Road" initiative on Chinese enterprise innovation,and puts forward research hypotheses accordingly.Further,this paper uses the panel data of A-share listed companies from 2007 to 2017.First,it empirically tests the impact of the "the Belt and Road" initiative on China’s enterprise innovation by constructing a double difference model,and conducts regression analysis on the dynamic change trend of China’s enterprise innovation level after the implementation of the "the Belt and Road" initiative;Secondly,four methods are used to test the robustness of the benchmark regression results,verifying the reliability of the conclusions of this article;Thirdly,this paper places the moderating variable in the benchmark model to examine the mechanism role of reverse technology spillover effect in the impact of the "the Belt and Road" initiative on Chinese enterprise innovation;Finally,this paper analyzes the heterogeneity of enterprise samples based on different regions,different financing constraints,and different ownership properties.The main conclusions of this paper are:(1)the "the Belt and Road" initiative has played a positive role in promoting the innovation of Chinese enterprises;(2)The "the Belt and Road" initiative can promote the innovation level of Chinese enterprises through the reverse technology spillover effect;(3)The "the Belt and Road" initiative has significantly promoted the innovation level of enterprises in eastern China,but has not significantly promoted the innovation level of enterprises in central and western China;The "the Belt and Road" initiative has significantly promoted the innovation level of enterprises with low financing constraints,that is,enterprises with easier access to financing funds;However,it does not significantly promote the innovation level of enterprises with high financing constraints in China,that is,facing the problem of "financing difficulties";The "the Belt and Road" initiative has significantly promoted the innovation level of China’s state-owned enterprises and private enterprises,but has not significantly promoted the innovation level of China’s foreign funded enterprises.Based on the theoretical mechanism analysis and empirical test results,this paper believes that China should actively implement the protection of intellectual property rights,adhere to the construction of the "the Belt and Road",give full play to regional characteristics,"adjust measures to local conditions" and integrate into the "the Belt and Road" cooperation,and build a new pattern of state-owned enterprises and private enterprises "promoting the development of the country and the people".Enterprises should improve investment efficiency and strengthen the acquisition of reverse technology spillover effects.State owned enterprises should give full play to their role as "leaders".Private enterprises should also seize the opportunity to actively "go out" and follow the steps of state-owned enterprises to join in cooperation with countries along the "the Belt and Road".