A Study on the Effect of China's Manufacturing Enterprises Responding to the“Belt and Road”Initiative on Corporate Performance

Abstract

Abstract: Based on the data of Chinese manufacturing listed companies, this paper explores the impact of enterprises' response to the“Belt and Road”initiative on their performance and its mechanism. The results show that compared with firms without subsidiaries in the“Belt and Road”countries, firms with subsidiaries in the “Belt and Road”countries enjoy better performance. The quicker a firm sets up subsidiaries, and the more subsidiaries in the“Belt and Road”countries, the better performance the firm has. Further analysis indicates that the positive influence of response to the “Belt and Road”initiative on firms' performance is stronger at the proposal stage of the“Belt and Road”initiative than at the institutionalized implementation stage. After using the instrumental variable method to control the endogeneity and conducting multiple robustness tests, the results are consistent with the main findings. The above conclusions reveal the economic consequences of firms' responding to the“Belt and Road”initiative, which not only helps to expand the related researches on corporate political strategies, but also has important implications for firms to build better firm-government relationship and for the government to implement national foundational policies more effectively.

Key words: Belt and Road, corporate performance, response to national policies, corporate political strategy

CLC Number:

F272.3

SONG Yuan-yang, ZHAO Jia-xin. A Study on the Effect of China's Manufacturing Enterprises Responding to the“Belt and Road”Initiative on Corporate Performance[J]. Contemporary Finance & Economics, 2021, 0(5): 77-89.

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