【摘要】 从来源国合法性溢出视角，探讨“一带一路”倡议对中国企业对外投资绩效的影响，并基于中国上市公司对外投资数据，采用渐进双重差分模型进行实证检验。研究发现：“一带一路”倡议对中国企业投资绩效有显著正向影响，在利用倾向得分匹配、工具变量等方法缓解可能存在的内生性问题之后，上述结论依然稳健；与非基础设施行业相比，“一带一路”倡议对基础设施行业企业投资绩效的正向影响更加明显；与非国有企业相比，“一带一路”倡议对国有企业投资绩效的正向影响更加明显；在作用机制上，“一带一路”倡议通过改善来源国合法性进而正向影响中国企业投资绩效。研究结论对企业“一带一路”投资实现互利共赢有重要启示。更多还原

【Abstract】 From the country-of-origin legitimacy spillovers perspective,the impact of the Belt and Road Initiative on the foreign investment performance of Chinese firms was explored. Based on the overseas investment data of Chinese-listed enterprises,the time-varying difference-in-differences model was used as empirical tests. The results show that the Belt and Road Initiative has significantly positive impact on the investment performance of Chinese firms. The conclusion is still robust after using the alternative methods of propensity score matching and instrumental variables to alleviate the possible endogenous problems. The positive impact of the Belt and Road Initiative on the investment performance of firms in infrastructure sectors is more significant than that in non-infrastructure sectors. The positive impact of the Belt and Road Initiative is more significant for state-owned enterprises than the non-stated-owned enterprises. In terms of mechanism,the Belt and Road Initiative has a positive impact on the investment performance of Chinese firms by improving the country-of-origin legitimacy. The results have enlightening significance for improving investment performance of Chinese firms in the Belt and Road countries.更多还原