Abstract Based on the data of A-share listed companies from 2010 to 2018, this paper takes “Belt and Road Initiative” as the natural experiment and uses the Double Differential Method to investigate the internal mechanism of the impact of the “Belt and Road Initiative” on enterprise investment. The study found that “Belt and Road Initiative” , as an economic cooperation initiative, significantly increased the investment level of enterprises supported by the initiative by mitigating the risks of foreign investment, providing a large number of investment opportunities, and reducing the cost of “going out”. After a series of robustness tests, the conclusion is still valid. Further research shows that corporate strategy plays an intermediary role in the impact of “Belt and Road Initiative” on corporate investment. The proposal of this initiative improves the capital market environment and encourages enterprises to implement more active strategies, thus increasing corporate investment. In addition, this paper conducts a sub-sample regression according to the difference of enterprise nature and institutional environment, and the results show that the impact of “Belt and Road Initiative” on enterprise investment is more significant in non-state-owned enterprises and regions with high degree of marketization. In a word, this paper examines the impact of “Belt and Road Initiative” on enterprise investment from the perspective of corporate strategy, supports the positive economic effect of the initiative, and has certain enlightenment significance to the strategy of Chinese enterprises “going out” strategy.
2021, Vol. 38 
