摘要 本文采用双重差分模型,研究“一带一路”对企业绩效的影响。结果发现,“一带一路”对于企业的短期会计绩效无显著影响,但对长期绩效具有显著的提升作用,且对于不同行业存在不同的影响。进一步研究发现,在高管具有市场背景、机构投资者持股比例高和公司治理水平高的公司,“一带一路”对公司长期绩效的提升更为显著;可能的机制是“一带一路”带动了公司的投资水平,有利于企业的长期发展。本文不仅丰富了宏观政策与公司绩效的相关研究,同时对于国家进一步推进“一带一路”的建设和促进我国资本市场的良好发展具有一定的参考价值。 This paper analyzes the influence of“Belt and Road”initiative on corporate performance by using difference-in-differences model.The results show that“Belt and Road”initiative has significantly improved the performance of corporate in the long term but has little effect in the short run.Moreover,it has different effects on different industries.Further research shows that companies whose executives have a marketing background or with high shareholding ratio of institutional investors or with good internal governance achieve greater improvement of the performance in the long-term.The possible mechanism is that“Belt and Road”initiative improves the level of investment of the company,which is conducive to the long-term development of the company.This paper not only enriches the research of macroeconomic policies and corporate performance,but also supports the development of“Belt and Road”initiative and China’s capital market.
机构地区 中央财经大学会计学院
出处 《财务研究》 2021年第1期58-67,共10页 Finance Research
基金 国家自然科学基金青年项目(71802206) 教育部人文社会科学研究基金青年项目(18YJC630262) 中央高校基本科研业务费专项资金项目(QL18005)。
关键词 “一带一路” 公司绩效 高管背景 公司治理 “Belt and Road”initiative corporate performance executives background corporate governance
分类号 F270 [经济管理—企业管理]
