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Whether the Belt and Road Initiative Improve the Enterprise's Innovation |
Li Qiumei1,Lin Ling2,Zeng Haijian1 |
(1.Business School, Guangxi University, Nanning 530004, China; 2.School of Business Administration, Guangxi University of Finance and Economics, Nanning 530003, China) |
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Abstract Based on the sample data of listed companies in China from 2012 to 2016, this paper examines the impact of the initial stage of the Belt and Road Initiative on corporate innovation. Firstly, the difference-in-difference estimation of panel double discovered that the innovation output of enterprises involved reduced significantly. Then, the conclusions are still consistent while using the PSM-DID model to avoid the endogenous problem. Finally, this paper found that the innovation output of non-state-owned enterprises involved in the initiative is more significant and more sensitive to government subsidies through difference-in-difference and triple-difference estimation. Therefore, the implementation of the initiative significantly improved the oversea income and return on assets. It shows that in the later stage of the initiative, the state needs to adopt government subsidies such as subsidies to improve the innovation of non-state-owned enterprises, and pay attention to the coupling and coordination degree between opening up and enterprise's innovation, and gradually realize the connection with high-end industries along the line.
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Received: 08 May 2019
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