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论文编号：	11863
作者编号：	2120182967
上传时间：	2020/6/23 9:48:40
中文题目：	“一带一路”倡议对企业投资效率的影响 ——基于银行信贷和风险信息披露质量的作用机制分析
英文题目：	Impact of the Belt and Road Initiative on Enterprise Investment Efficiency —An Analysis of the Mechanism Based on the Quality of Bank Credit and Risk Information Disclosure
指导老师：	齐岳
中文关键字：	“一带一路”倡议；投资效率；双重差分法
英文关键字：	Belt and Road Initiative; Investment efficiency; Double difference method
中文摘要：	“一带一路”倡议是中国立足国内外政治经济形态提出的进一步加大对外开放的伟大探索，担负着我国东中西部协调发展和沿线国家共商共建共享的重要战略使命，为中国及沿线国家经济发展提供了重大机遇和挑战。自2013年倡议提出至今，“一带一路”建设取得了日益显著的收获和成果，国内外学者针对倡议所产生的经济效应研究也较为丰富，但绝大多数都是基于宏观视角进行分析的。而真正落实和推动“一带一路”倡议实施的是微观个体企业，只有企业在“一带一路”倡议中获得积极效应，才会有动力长期参与到“一带一路”建设中，倡议也才能具有长期生命力，因此从微观角度揭示倡议实施所产生的经济效应具有一定的理论和实践意义。 类似于大多产业政策，“一带一路”倡议通过改善企业内部外环境的方式为其提供了新的投资机会，通过“顺梯度”或“逆梯度”的模式提升了企业的投资水平，那么企业投资效率是否会受“一带一路”倡议的影响呢？本研究在对现有文献进行梳理回归的基础上，从银行信贷和风险信息披露质量两条作用路径提出“一带一路”倡议影响企业投资效率的研究假设。一方面，国家各金融机构在“一带一路”倡议释放积极信号的情况下会向倡议支持企业提供更多的银行信贷资源，而银行信贷会通过银行的主动监督和管理者主动约束的机制对企业非效率投资发挥积极治理作用。另一方面，“一带一路”倡议支持企业在承受较多不确定性强的风险及国家政府部门的监管下会提升自身风险信息披露质量，进而缓解内外部信息不对称问题，有助于企业投资效率的提高。此外，考虑到企业自身特质的差异性可能对倡议实施效果产生影响，本研究还从企业所属行业和产权性质两个角度提出了“一带一路”倡议对投资效率影响的异质性研究假设。 基于此，本文构建双重差分模型进行实证分析和探讨，选取“一带一路”倡议提出前后各五年A股上市公司数据为研究样本，再以同花顺“一带一路”概念板块为标准将所有样本划分为实验组和控制组，最后实证得出如下结论：（1）“一带一路”倡议可显著提升支持企业的投资效率，在进行稳健性检验后，结果仍然成立；（2）作用机制分析表明，“一带一路”倡议主要通过增加银行信贷和提高风险信息披露质量两条途径对支持企业的投资效率施加影响；（3）异质性分析表明，“一带一路”倡议对重点合作行业的支持企业和民营支持企业的投资效率影响更为显著，而对非重点合作行业和国有支持企业投资效率无显著影响。 综合来看，“一带一路”倡议通过增加银行信贷和提高风险信息披露质量两条作用机制提升了支持企业的投资效率，且该影响在行业和产权性质方面存在异质性。研究内容揭示了“一带一路”倡议对国内宏观经济影响的具体微观途径，对更多个体企业参与“一带一路”建设具有一定的积极意义。
英文摘要：	The Belt and Road Initiative is a great exploration of China's further opening up based on domestic and foreign political and economic patterns. It provides major opportunities and challenges for the economic development of China and the countries along the route, and shoulders the important strategic mission of coordinated development of China's east, central, and western regions, and the joint development and sharing of the countries along the route. Since 2013, the Belt and Road Initiative has achieved a wealth of results, and related academic research on the Belt and Road Initiative is also abundant, but most of them have been analyzed from a macro perspective. However, it is micro-individual enterprises that truly implement and promote the implementation of the Belt and Road Initiative. Only when enterprises obtain positive effects from the Belt and Road Initiative can they have the motivation to participate in the construction of the Belt and Road Initiative for a long time, and the initiative can have long-term vitality. Therefore, revealing the economic effects of the Belt and Road Initiative from a micro perspective has certain theoretical and practical significance. Similar to most industrial policies, the Belt and Road Initiative provides companies with new investment opportunities by improving the internal and external environment of the enterprise, and improves the investment level of enterprises through the "down gradient" or "inverse gradient" model. Will it be affected by the Belt and Road Initiative? Based on the regression of the existing literature, this research proposes research hypotheses that affect the investment efficiency of the Belt and Road Initiative from the two effects of bank credit and the quality of risk information disclosure. On the one hand, financial institutions will provide more bank credit resources to the initiative when the Belt and Road Initiative releases positive signals, and bank credit will play a positive role in corporate investment efficiency through active bank supervision and managerial constraints. On the other hand, the Belt and Road Initiative supports companies that will bear more risks and be supervised by government departments to improve the quality of their own risk information disclosure, thereby alleviating the problem of internal and external information asymmetry, which will help improve the investment efficiency of enterprises. In addition, considering that the differences in corporate characteristics may have an impact on the implementation of the initiative, this study also proposes heterogeneous research hypotheses on the impact of the initiative on corporate investment efficiency in terms of the industry and the nature of property rights. Based on the research hypothesis, this paper selects the data of Chinese A-share listed companies from 2009 to 2018 as the research sample, divides the experimental group and the control group by using the Flush "Belt and Road" concept plate as the standard, and constructs a dual difference model for empirical analysis. Come to the following conclusion: (1) The Belt and Road Initiative can significantly improve the investment efficiency of supporting enterprises, and the results are still valid after a robustness test. (2) Analysis of the mechanism of action shows that the main ways the Belt and Road Initiative affects supporting enterprises are to increase bank credit and increase risk information disclosure quality. (3) Heterogeneity analysis shows that the Belt and Road Initiative has a more significant impact on the investment efficiency of supporting enterprises in key industries and privately-supported enterprises, but has no significant impact on the non-key industries and state-owned supporting enterprises. In short, the Belt and Road Initiative has improved the investment efficiency of supporting companies by increasing bank credit and improving the quality of risk information disclosure, and the impact is heterogeneous in terms of industry and property rights. The research content reveals the specific micro-channels of the Belt and Road Initiative's impact on the domestic macro economy, which has certain positive significance for more individual enterprises to response to the Belt and Road Initiative.
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