【作者】 李睿；

【导师】 肖翔；

【作者基本信息】 北京交通大学 ， 会计学， 2023， 硕士

【摘要】 随着全球经济不断发展分化,国际投资贸易格局和多边投资贸易规则面临着深刻调整,我国经济发展格局也逐渐由高速发展转向高质量发展。在全球经济格局不断发展变化的大背景下,加强区域合作是推动世界经济发展的重要动力。为了顺应全球化的区域主义浪潮,2013年,习近平总书记统筹国际国内背景,提出了共建“一带一路”的经济合作倡议。“一带一路”倡议为我国经济发展和对外合作带来了前所未有的机遇与挑战,促进了我国企业“走出去”。“一带一路”倡议通过制定税收协定、签署海关合作协议等措施,使得国内外政治经济文化制度差异能够优化互补,消除了企业对外贸易活动中的贸易壁垒,降低企业对外贸易成本,促进了企业对外投资,也吸引了更多企业参与到“一带一路”的建设中来。各级政府及职能部门为积极响应倡议,提供了各种各样的政策及资金支持,使得企业在参与“一带一路”建设的过程中受到了政策与资金的双重保障。同时,积极的政策导向又为企业带来了声誉溢出效应,向外部投资者及金融机构释放出积极的经营信号,有利于企业吸引更多的外部投资及信贷支持,为企业经营发展提供了坚实的保障。在“一带一路”倡议的助力下,企业获得了各种各样的发展机会,而企业是否能抓住机遇促进自身财务绩效的提升,“一带一路”倡议又是通过什么样的作用机制对企业财务绩效产生影响,具有较为重要的现实研究意义。本文基于信息不对称理论、信号传递理论、声誉理论与融资约束理论,将“一带一路”倡议与企业财务绩效的内在联系进行了系统的梳理,并针对“一带一路”倡议对企业财务绩效的影响进行了理论分析,以全部中国A股上市公司2011-2019年的数据为样本,利用“一带一路”倡议作为准自然实验,对“一带一路”倡议与企业财务绩效的关系进行实证分析,并运用中介效应模型,考察“一带一路”倡议对企业财务绩效的影响路径,即融资约束与政府补助的中介作用。并进一步检验了不同产权性质、行业特征、内部治理和外部监督水平的异质性。在稳健性检验中,本文采取平行趋势检验、替换被解释变量代理变量、PSM-DID、安慰剂检验和删除政策实施当年样本等方法来证明本文回归结果的稳定性。主要结论如下:(1)“一带一路”倡议可以帮助企业显著提高其财务绩效;(2)融资约束和政府补助在“一带一路”倡议正向促进企业财务绩效过程中起到了中介作用;(3)从微观角度来看“一带一路”倡议对非国有企业的财务绩效激励效应强于国有企业,对从事新兴优势行业的企业财务绩效激励更加明显;从内部治理和外部监督的角度来看,“一带一路”倡议对内部治理水平和外部监督水平更高的企业的财务绩效激励效应强于内部治理和外部监督水平低的企业,内部治理和外部监督会促进企业提升其财务绩效。本文扩展了“一带一路”倡议与企业财务绩效的相关研究范围,丰富了“一带一路”倡议对企业财务绩效影响的作用机制,将我国转型背景下的宏观经济政策与微观企业行为结合起来,对“一带一路”倡议的成效进行客观、科学的评价,鼓励更多的企业参与到“一带一路”倡议中来,为“一带一路”倡议的发展和未来建设提供有益的借鉴。更多还原

【Abstract】 As the global economy continues to develop and divide,the pattern of international investment and multilateral rules on investment and trade are facing profound adjustments,and the pattern of China’s economic development is gradually shifting from high-speed development to high-quality development.Against the backdrop of constant development and change in the global economic landscape,strengthening regional cooperation is an important driving force for world economic development.In response to the regionalism of globalization,In 2013,the General Secretary put forward the economic cooperation initiative of jointly building “the Belt and Road”.The Belt and Road Initiative has brought unprecedented opportunities and challenges for China’s economic development and foreign cooperation,and promoted Chinese companies to "go global".Through tax agreements and customs cooperation agreements,the Belt and Road Initiative aims to optimize and complement the differences between domestic and foreign political,economic and cultural systems.It removes trade barriers in foreign trade activities of enterprises,reduces the cost of foreign trade of enterprises,promotes foreign investment of enterprises,and attracts more enterprises to participate in the construction of the Belt and Road.Governments and functional departments at all levels provide a variety of policies and financial support to actively respond to the initiative,so that enterprises in the process of participating in the construction of the Belt and Road have been protected by both policies and funds.At the same time,the positive policy orientation brings the reputation spillover effect to enterprises,and releases positive business signals to external investors and financial institutions,which helps enterprises attract more external investment and credit support,and provides a solid guarantee for the operation and development of enterprises.Under the help of "The Belt and Road" Initiative,enterprises have obtained a variety of development opportunities,and whether enterprises can seize the opportunities to improve their own financial performance,and through what mechanism the "The Belt and Road" Initiative has an impact on the financial performance of enterprises,has a more important practical research significance.Based on information asymmetry theory,signal transmission theory,reputation theory and financing constraint theory,this paper systematically combs the internal links between the "The Belt and Road" Initiative and corporate financial performance,and makes a theoretical analysis of the impact of the "The Belt and Road" Initiative on corporate financial performance.Taking the data of all Chinese A-share listed companies from 2011 to 2019 as samples,using "The Belt and Road " Initiative as a quasi-natural experiment,this paper makes an empirical analysis on the relationship between "The Belt and Road " Initiative and corporate financial performance,and uses the intermediary effect model to investigate the influence path of "The Belt and Road " Initiative on corporate financial performance,that is,the intermediary role of government subsidies and financing constraints.This paper further examines the heterogeneity of different property rights,industry characteristics,internal governance and external supervision levels.In robustness test,methods such as parallel trend test,proxy variable replacement of explained variable,PSM-DID,placebo test and sample deletion in the year of policy implementation were adopted to prove the stability of regression results in this paper.The main conclusions are as follows:(1)"The Belt and Road" Initiative can help enterprises significantly improve their financial performance;(2)Government subsidies and financing constraints play an intermediary role in "The Belt and Road" Initiative’s positive promotion of corporate financial performance;(3)From a micro perspective,the financial performance incentive effect of the Belt and Road Initiative on non-state-owned enterprises is stronger than that of state-owned enterprises,and it is more obvious for enterprises engaged in emerging advantageous industries.From the perspective of internal governance and external supervision,the incentive effect of "The Belt and Road" Initiative on the financial performance of enterprises with higher levels of internal governance and external supervision is stronger than that of enterprises with lower levels of internal governance and external supervision,and internal governance and external supervision will promote enterprises to improve their financial performance.This paper expands the research scope of "The Belt and Road" Initiative and enterprise financial performance,enriches the mechanism of the influence of "The Belt and Road " Initiative on enterprise financial performance,combines the macroeconomic policy and micro enterprise behavior under the background of China’s transformation,makes an objective and scientific evaluation of the effectiveness of "The Belt and Road" Initiative,and encourages more enterprises to participate in the "The Belt and Road" Initiative.It provides a useful reference for the development and future construction of "The Belt and Road" Initiative.更多还原