Abstract: On the basis of the cognition-influence-reaction analytical paradigm and the questionnaire data from enterprise researches, this paper explores the characteristics and mechanisms of enterprises’ investment response to the Belt and Road Initiative by means of distinguishing corporate characteristics and managerial heterogeneity. When the measurement index for managerial heterogeneity is given by using such methods as factor analysis, cluster analysis and variance analysis, it applies the regression model to conduct a study. The findings show that state-owned enterprises have higher cognition and willingness to invest than non-state-owned enterprises; however, the risk-averse managers have given birth to the function of a stabilizer for corporate cognition and investment response. The managers’ heterogeneity mainly acts on the outward reaction for the BRI environmental changes; investment experience does not affect the corporate cognition and investment willingness, and the size of enterprises does not affect corporate cognition to the Belt and Road Initiative. There is a positive interaction between the BRI enterprises’ cognition and the impact they received, the two jointly can promote the enterprises to make positive investment responses. With the classification model it also finds out that enterprise size has zero impact on investment facilitation, and being positively correlated to group investment, joint venture or host government’s willingness to sign contracts. The state-owned enterprises have stronger willingness for group investment, joint venture and M&A than non-state-owned enterprises. The response of enterprises mainly comes from the impact of external environment changes on enterprises, but enterprises can make independent investment and risk control reaction like M&A, joint venture, R&D, talent recruitment, etc., without relying on the strength of cognition.

Key words: the Belt and Road Initiative; heterogeneous enterprises; risk preference; willingness to invest