【摘要】 利用2010～2019年开展对外直接投资业务的353家中国制造业A股上市企业的微观数据,基于双重差分模型探讨"一带一路"倡议对中国制造业企业对外直接投资风险的影响。实证结果显示:"一带一路"倡议产生了显著降低中国制造业企业对外直接投资风险的政策效果,且对具有自然资源寻求投资动机、产权为国有性质以及投资于"一带"沿线国家的中国制造业企业的对外直接投资风险降低效应更为显著,而对具有市场寻求型或技术寻求型投资动机、产权为非国有性质及投资于"一路"沿线国家的中国制造业企业的对外直接投资风险降低效应不显著。更多还原

【Abstract】 Based on the micro data of 353 A-share listed companies in China’ s manufacturing industry from 2010 to 2019,this paper studies the impact of "the Belt and Road"initiative on the outward foreign direct investment of manufacturing companies by using the Difference-in-Difference model. The empirical results confirm that "the Belt and Road" initiative has a significant policy effect to reduce the risk of foreign direct investment of China’ s manufacturing companies. Further studies imply that the risk-reducing policy effect reflects significantly in the companies with natural-resources-seeking motivation,state-owned property or investing in the countries along "the Belt",while the effects for the companies with market-seeking motivation,technology-seeking motivation,non-state-owned property or investing in the countries along "the Road"are not sensitive.更多还原