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本文以“一带一路”倡议提出的准自然实验为切入点，利用双重差分法考察“一带一路”倡议对中国企业组织韧性的影响及作用路径。研究发现，企业通过“一带一路”建设“走出去”有利于提高企业组织韧性，当利用PSM-DID缓解可能存在的内生性问题及进行其他稳健性检验后，上述结论依旧成立；进一步地，本文从企业升级、破产风险、融资约束和数字化转型视角分析了“一带一路”倡议影响企业组织韧性的作用路径，结合实证发现：“一带一路”倡议能够通过推动企业升级和数字化转型以及缓解破产风险和融资约束提升企业组织韧性；此外，本文还根据企业规模、所有权性质以及所在地区金融发展水平进行分样本回归，结果表明，“一带一路”倡议对大规模、非国有和低金融发展水平地区的企业组织韧性提升更为明显。本文不仅为“一带一路”倡议影响企业组织韧性提供了微观证据，而且为国家制定政策提供重要理论依据，对“一带一路”倡议后续发展具有一定的参考价值。
Abstract：This paper investigates the impact and mechanisms of the Belt and Road Initiative(BRI) on the organizational resilience of Chinese enterprises, leveraging the quasi-natural experiment setting created by the BRI's introduction and employing a Difference-in-Differences(DID) methodology. The findings reveal that enterprises participating in the BRI through the “Going Global” strategy experience enhanced organizational resilience. This conclusion remains robust after addressing potential endogeneity issues using Propensity Score Matching-DID(PSM-DID) and conducting additional robustness checks.Furthermore, this study examines the pathways through which the BRI influences corporate organizational resilience from the perspectives of enterprise upgrading, bankruptcy risk, financing constraints, and digital transformation. Empirical evidence indicates that the BRI bolsters organizational resilience by promoting enterprise upgrading and digital transformation, as well as by alleviating bankruptcy risk and financing constraints. Sub-sample regressions based on firm size, ownership structure, and the regional financial development level demonstrate that the BRI's positive impact on organizational resilience is more pronounced for large-sized firms, non-state-owned enterprises, and those located in regions with lower financial development levels.This paper provides micro-level evidence on the BRI's impact on corporate organizational resilience while offering crucial theoretical foundations for national policymaking. It holds significant reference value for the BRI's subsequent development.
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① CSMAR经济金融研究数据库：https://data.csmar.com/。
基本信息:
中图分类号:F125;F279.2;F272.9
引用信息:
[1]周伟,陈荔楠,庄严.参与“一带一路”建设与企业组织韧性——基于沪深A股的准自然实验分析[J].沿边金融研究,2025,No.1(01):39-59.
基金信息:
国家自然科学基金“国家金融安全的量化测度、情景推演与稳定性监管”(72471205); 云南省基础研究杰出青年项目“极端风险传染与危机管理”(202301AV070010); 云南省基础研究重点项目“重要市场冲击下的区域金融安全研究：以云南省为例”(202501AS070165); 云南财经大学研究生创新基金项目“ESG信息与股票市场反应：数量偏好、共识”(2025YUFEYC061); 云南省教育厅科学研究基金项目“金融科技对企业融资效率的影响机制研究：基于‘一带一路’倡议关联企业的实证”(2024Y496)
2025-06-30
2025-06-30