“一带一路”倡议与企业创新升级

摘要/Abstract

摘要： 本文将2014年“一带一路”倡议的正式实施作为一项准自然实验，运用2009—2017年商务部境外投资企业机构名录、汤姆森全球并购和国泰安上市公司财务数据，建立倾向得分匹配和双重差分模型，实证考察了“一带一路”倡议对企业创新升级的影响及其作用机制。研究结果表明，“一带一路”倡议显著提升了企业专利创新的数量和质量，从而促进了企业创新升级。异质性分析显示，“一带一路”倡议促进了沿线不同省份企业的创新升级，而国有企业相对于非国有企业，成熟型企业相对于新兴型和瓶颈型企业，“一带一路”倡议对企业创新升级的效果更为明显。究其原因，“一带一路”倡议主要通过提升市场竞争力度、提高研发投入强度、缓解融资约束程度和推进价值链攀升四个机制，促进了企业创新升级。

本文采用2009—2017年上市企业对外直接投资样本，建立倾向得分匹配和双重差分模型，考察了“一带一路”倡议对企业创新升级的影响、异质性与作用机制，结论如下。第一，整体而言，“一带一路”倡议可以显著提升企业专利创新的数量和质量，促进企业创新升级，动态效应检验显示，“一带一路”倡议政策在实施之后的第三年和第四年促进作用更强，采用工具变量、替换被解释变量、三重差分及连续面板等检验后，与基准回归结果一致。第二，进一步从不同地区、企业所有制和产业类型视角进行分组检验，结果发现倡议后的促进作用主要集中在国有和成熟型企业，而地理区位上，无论企业是否位于倡议沿线省份，该倡议都显著促进了企业创新升级。第三，机制分析表明，“一带一路”倡议通过提升企业市场竞争力度、增强研发投入强度、缓解融资约束程度和推进价值链攀升，促进企业创新升级。
政策建议
在“一带一路”倡议下，本文主要从中央、地方与企业三个方面提出政策建议。首先，我国应加强与“一带一路”沿线国家的战略合作，打造利益共同体。通过对外投资的方式，将优势产业与周边国家诉求进行对接，建立互惠互助的合作关系；同时，完善双边经贸合作机制，降低我国企业走出去所面临的风险，推动企业对外投资力度，提升企业创新升级。其次，地方政府也应积极响应“一带一路”倡议的号召，鼓励企业向沿线国家进行投资，从而通过转移过剩产能，推动地区产业结构优化，提升企业转型升级。最后，企业应当主动参与到“一带一路”倡议中。一方面，国有企业应继续发挥对外直接投资的主导作用，开展国企与民企之间的合作，构建功能互补的协同合作关系；另一方面，民营企业也应加大对沿线国家投资力度，提升创新力度。总之，“一带一路”倡议能优化结构转型，促进企业创新升级。

关键词: “一带一路”倡议, 创新升级, 双重差分

Abstract: Nowadays, China′s economy development model has been transforming from the high growth driven by investment to the high-quality development driven by factors. In the process of realizing rational allocation of factor resources, the innovation upgrading has become the primary driving power for the high-quality development. At the same time, the Belt and Road Initiative aims to further deepen enterprises′ going global and bringing in strategies, promote enterprises′ outward foreign direct investment, and optimize the enterprises′ transformation upgrade, since it was put forward. From 2013 to 2018, China′s outbound non-financial direct investment flows have increased from US $92.74 billion to US $120.5 billion. In 2018, non-financial direct investment to countries along the Belt and Road Initiative reached US $15.64 billion, rising by 8.9% year-on-year. Therefore, while the Belt and Road Initiative could promote the transformation of domestic industrial structure and the enterprises′ innovation upgrading, it would play a crucial role in the realization of the high-quality development in China.
At the same time, the paper uses the methods of the Propensity Score Matching and Difference-in-Difference to evaluate the impact of the Belt and Road Initiative on the enterprises′ innovation upgrading. The explained variable is the enterprises′ innovation upgrading, and the core explanatory variable is the Belt and Road Initiative. The result shows that the Belt and Road Initiative has significantly improved the quantity and quality of the enterprises′ patents, and further promoted the innovation upgrading of the enterprises. Simultaneously, the results remain unchanged when it controls the variables, such as enterprises′ productivity, scale, age, cash flows, leverage ratios and profit margins. Especially, the dynamic effect test further shows that the promotional effects are stronger than before in the third-year and fourth-year. In addition, the robustness tests are still robust, including the panel instrument variables, replacing the explained variables, triple-difference methods and the continuous panel data.
One one hand, the paper further analyzes the heterogeneity of enterprises′ innovation upgrading from the two dimensions of the space and industry, including the region ,the ownership and the industry type. The heterogeneity results are as follows. First of all, whether the enterprises are located in the region along the initiative provinces or not, it has significantly promoted the innovation upgrading of the enterprises in the region. Meanwhile, for the enterprises′ ownership, the initiative mainly exists on the state-owned enterprises′ innovation upgrading. Lastly, in terms of the industry type, the initiative mainly promotes the mature industrial enterprises′ innovation upgrading.
One the other hand, the Belt and Road Initiative mainly through the four mechanisms to promote the enterprises′ innovation upgrading, respectively the market competitiveness, the R&D, the enterprises′ financial constraints, and the rise of the value chain. The specific paths are as follows. Firstly, for the market competitiveness, the Belt and Road Initiative could help Chinese companies to get closer to the destination country. So that they could acquire more overseas operating revenue to expand their scale. Secondly, for the enterprises′ R&D, the Belt and Road Initiative could encourage the enterprises to set up R&D centers, and acquire advanced technical knowledge and skill resources in the host countries. Thirdly, for the financial constraints, the Belt and Road Initiative could reduce the external risks of the information asymmetry, and further put the reduced cost into an more effective domestic investment. Fourthly, for the global value chain, the Belt and Road Initiative could promote the enterprises to produce high value-added products, improve the height of the value chain, enhance the intellectual property technology innovation, and ultimately promote the enterprises′ innovation upgrading.
Based on the conclusions above, the research result further provides some practical references to the enterprises′ innovation upgrading under the Belt and Road Initiative. Primarily, the Chinese government should strengthen strategic cooperation and create a community of interests with the countries along the Belt and Road Initiative. Secondly, local governments should participate in the Belt and Road Initiative and encourage local enterprises to invest the countries along the Belt and Road Initiative. Finally, Chinese enterprises should integrate into the Belt and Road Initiative. At last, this paper finds that the Belt and Road Initiative accelerates the enterprises′ outward foreign direct investment and ultimately promotes the innovation upgrading.

Key words: Belt and Road Initiative, innovation upgrading, difference-in-difference

杨波李波. “一带一路”倡议与企业创新升级[J]. 科研管理, 2021, 42(1): 47-56.

Yang Bo, Li Bo. Belt and Road Initiative and the innovation upgrading of China′s enterprises[J]. Science Research Management, 2021, 42(1): 47-56.

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