The Belt and Road Initiative and the Upgrading of China’s Enterprises
In recent years, how China should achieve industrial upgrading has received extensive attention from academic circles. In the final analysis, industrial upgrading is whether the representative enterprises in the industry have achieved optimization and upgrading. The Belt and Road Initiative is proposed in the context of China’s economy entering the new normal, it has important research significance for the impact of China’s enterprise upgrading. The paper takes the quasi-natural experiment formed by the Belt and Road Initiative as the entry point, uses the DID model and studies the impact and path of the Belt and Road Initiative on the upgrading of China’s enterprises. The study found that the Belt and Road Initiative can significantly promote the upgrading of China’s enterprises characterized by improving total factor productivity. The above conclusions remain robust after using the instrumental variable approach to mitigate possible endogenous problems and perform other robustness tests; Further, the paper divides China’s industries into emerging industries, mature industries and bottleneck industries based on the industry life cycle theory, and analyzes the path of the Belt and Road Initiative affecting the upgrading of enterprises in various industries from the perspective of innovation. Combined with empirical analysis, the following results are obtained: The Belt and Road Initiative can promote the upgrading of enterprises in all industries through innovation, and has the greatest impact on the upgrading of enterprises in bottleneck industries, followed by emerging industries and mature industries. In addition, the paper also conducts a subsample regression based on the nature of property rights. The results show that the Belt and Road Initiative can simultaneously promote the upgrading of state-owned enterprises and private enterprises. This conclusion means that in the process of the Belt and Road Initiative, China’s economic development has formed a new pattern of "State Advance and Private Advance". The paper not only provides micro evidence for studying the Belt and Road Initiative affecting the upgrading of enterprises, but also has important theoretical enlightenment for the country to formulate policies, and has certain reference value for the follow-up deployment of the Belt and Road Initiative.