"Going Out" And Resource Reallocation Among Enterprises

China’s economy is transitioning from rapid growth to high-quality development.In order to ensure high-quality growth of overall output,there is an urgent need to change the development model and driving force sources.However,the primary problem of the new round of economic change is the unreasonable allocation of resources.China’s total factor productivity suffers serious losses due to unreasonable allocation of resources.As a driving force for high-quality economic development,effectively alleviating resource mismatch is a new challenge for China.The transformation of China’s economic structure has become the trend of The Times.Optimizing the allocation of resources and releasing the potential of resources is the core way out for China to maintain long-term and stable development.At the same time,with the acceleration of China’s opening-up,high-quality "going global" has become an important link in China’s further development,and is also the key to China’s structural adjustment and rational allocation of resources.This paper collects and collates the data of China’s A-share listed manufacturing companies from 2008 to 2019,takes the "One Belt,One Road" initiative as the natural experiment,adopts the different-difference method to study the impact of "going global" on the efficiency of resource allocation among enterprises,and uses backward industries of countries along the Belt and Road as instrumental variables to alleviate the endogenous problem.The baseline estimation results show that the "Belt and Road" initiative significantly improves the overall quality of "going global" and promotes the optimal allocation of resources among enterprises.This conclusion remains robust after a series of placebo tests,transformation PSM matching and endogenous processing.The results of the transmission mechanism show that the Belt and Road Initiative significantly optimizes the efficiency of resource allocation among enterprises by alleviating financing constraints and promoting technological innovation.According to the empirical analysis of industry heterogeneity,it is found that the resource allocation effect of the "Belt and Road" Initiative is more significant in the industries with low productivity,small and medium-sized scale,low market share and high degree of foreign investment.Based on the empirical analysis of the relevant conclusions,further put forward the preliminary policy recommendations.This paper not only provides empirical evidence for the Belt and Road Initiative to boost the optimal allocation of resources among enterprises from the perspective of medium industry,but also has important theoretical enlightenment for the country to formulate policies to deal with the problem of resource misallocation.It also has important reference value for promoting the rational allocation of industrial resources and promoting the follow-up deployment and construction of the Belt and Road Initiative.