Research On The Impact Of The "The Belt And Road" Initiative On The Upgrading Of Chinese Manufacturing Enterprises

Since the reform and opening up,China’s manufacturing industry has developed rapidly and gradually established an independent and complete industrialization system.However,China’s manufacturing industry is facing large but not strong problems.Especially in recent years,issues such as the gradual disappearance of domestic population dividends,rising production costs of enterprises,and the "bottleneck" of core technology have forced China’s manufacturing enterprises to upgrade.The "the Belt and Road" initiative provides a new era opportunity for the upgrading of Chinese manufacturing enterprises.Therefore,studying the impact of the "the Belt and Road" initiative on the upgrading of Chinese manufacturing enterprises will help enterprises transfer excess capacity,introduce overseas advanced technology,and improve the enthusiasm of enterprises to participate in international competition and cooperation,thus promoting the optimization and upgrading of Chinese manufacturing enterprises.This paper takes Chinese manufacturing enterprises as the research object,and uses the process specification model dynamic integrity dimension(PSM-DID)method to deeply study the impact of the "the Belt and Road" initiative on the upgrading of Chinese manufacturing enterprises.This paper selects 2010-201 9 as the time window,and manually matches the List of Overseas Investment Enterprises issued by the Ministry of Commerce in Guotai’an Database.The experimental group selects Chinese manufacturing enterprises whose destination country of foreign direct investment is countries along the "the Belt and Road",and the control group selects Chinese manufacturing enterprises whose destination country of foreign direct investment is countries not along the "the Belt and Road".In order to further study the impact path of the "the Belt and Road" initiative on the upgrading of Chinese manufacturing enterprises,this paper selects enterprise foreign direct investment and enterprise human capital level as intermediary variables.Then,the heterogeneity test is conducted by distinguishing different property rights and investment methods of enterprises.Finally,the robustness test is conducted by replacing the explained variables and establishing a virtual policy year.The results show that the "the Belt and Road" initiative has significantly promoted the upgrading of Chinese manufacturing enterprises.The "the Belt and Road" initiative promotes the upgrading of Chinese manufacturing enterprises by stimulating enterprises’ foreign direct investment and improving their human capital level.The two play a positive intermediary effect in it.The "the Belt and Road" initiative also promotes the upgrading of state-owned manufacturing enterprises and non-state-owned manufacturing enterprises,which plays a greater role in promoting the upgrading of state-owned manufacturing enterprises;The "the Belt and Road" initiative can significantly promote the upgrading of Chinese manufacturing enterprises with "reverse gradient"investment,but cannot promote the upgrading of Chinese manufacturing enterprises with"forward gradient" investment.