Abstract：
Based on the data of A-share listed companies from 2012 to 2017, this paper uses the double-difference method of propensity score matching to examine the impact of the “Belt and Road Initiative” on the enterprises' investment efficiency. The study found that the “Belt and Road Initiative” initiative, as an important means of allocating government resources and achieving macro strategic goals, can significantly improve the investment efficiency of participating enterprises. After using the ancient “Silk Road” as a tool variable to alleviate endogenous problems, changing explained variables, and sub-sample regression according to enterprise size and legal system environment, the conclusion is still valid. In addition, the paper explores the influence mechanism of the “Belt and Road Initiative” on investment efficiency from the perspective of overcapacity. The result shows that the “Belt and Road Initiative” can alleviate domestic excess capacity, promote the distribution and flow of factor resources and market share, make use of the production capacity of domestic enterprises effectively and improve the investment efficiency of enterprises. Therefore, the study not only enriches the research of macroeconomic policy and micro enterprises' behavior, but also has a certain reference value for the following-up promotion of the “Belt and Road Initiative”.
WEI Lin, XIAO Mengyao, XU Liwen.A Study on the Influence of Enterprise Investment Efficiency under the Proposal of “Belt and Road Initiative”[J] Economic Survey, 2021,V38(2): 74-81
2021 
