Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2157855
Does the Belt and Road Initiative facilitate China’s corporate overseas investment: Based on a sustainable development perspective
Shan Yu
Zhenlin Ma
Xingmin Zhang
Xiaoqian Liu
Sažetak
Corporate overseas investment is a pivotal element of the Belt
and Road Initiative (BRI). As an all-round opening-up strategy, the
BRI has brought new ideas to international cooperation, and
Chinese enterprises should seize this opportunity to promote global
sustainable development. Adopting the data of Chinese listed
enterprises from 2011-2020, this paper investigates the impact of
the BRI on corporate overseas investment (COI) and its mechanisms
via exploiting the difference-in-differences model (DID).
Results show that the BRI has significantly facilitated the COI
along the routes. We observe that the findings still hold after a
series of robustness tests. Mechanism analysis verifies that tax
incentives and credit environment improvement are the main
channels by which BRI enhances COI. Heterogeneity results reveal
that this initiative is more prominent for small and medium-sized
enterprises and enterprises in dominant industries. The extensive
analysis suggests that from a sustainable development perspective,
the BRI facilitates more overseas investment of enterprises in
polluting or high energy-consuming industries; the COI is more
affected by BRI in regions with more stringent environmental regulations.
This study provides empirical evidence for BRI construction
and regional development.
Ključne riječi
Belt and Road Initiative; corporate overseas investment; sustainable development; mediating effect; difference-indifferences model
Hrčak ID:
314007
URI
Datum izdavanja:
1.9.2023.
Posjeta: 450 *