Speed of China’s OFDIs to the Belt and Road Initiative destinations: State equity, industry competition, and the moderating effects of the policy
Speed of China’s OFDIs to the Belt and Road Initiative destinations: State equity, industry competition, and the moderating effects of the policy
复制标题
中国对“一带一路”沿线国家的对外直接投资速度：国家股权、行业竞争以及政策的调节效应
DOI：
10.1057/s42214-021-00125-6
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发表时间：
2022-01-06
影响因子：
7.9
通讯作者：
Wang Q
中科院分区：
文献类型：
--
作者：
Liu B;Wang Q
组织的及时投资决定了一带一路倡议的成功，但很少有研究探索这些速度决策的影响因素。基于11年来中国上市公司的数据集，我们通过纳入OFDI的推动和拉动因素来解决这一研究匮乏的问题。研究显示，倡议启动后，行业竞争显著促进了组织的投资速度，但对位于重点参与省份的企业来说，这种促进作用变得较弱。耐人寻味的是，国有股权较大的企业在一带一路启动后表现迟缓，它们的迟缓姿态在这些重点省份变得更加严重。额外的测试表明，这一结果的出现是因为这些内陆省份的定位不当。总体而言，该研究通过对速度维度的探索，明确了一带一路的性质。这些发现还挑战了将国有股权较大的企业视为政府顺从延伸的传统智慧，揭露了它们对一带一路的保守态度，突显了当代一带一路政策的一些谬误。第三，应同时从时间和地理两个方面考察一带一路的政策效应。
Organizational timely investments determine the success of the Belt and Road Initiative (BRI), yet few studies have explored the antecedents of those speed decisions. Based on a dataset of Chinese-listed firms over 11 years, we address this research paucity by incorporating the push and pull antecedents of OFDIs. The study revealed that industry competition significantly facilitates organizational BRI investment speed after the launch of the initiative, but such facilitative effects become weaker for firms located in the key BRI-participating provinces. Intriguingly, firms with greater state equity are slow after the launch of the BRI, and their slow gestures become more severe in those key provinces. The additional tests implicated that this result occurs because of inadequate positioning of those inland provinces. Overall, the study clarified the nature of the BRI by exploring the speed dimension. The findings also challenged the conventional wisdom of treating firms with greater state equity as obedient extensions of the government by unmasking their conservative attitudes toward the BRI, highlighting some fallacies of contemporary BRI policy. Third, the temporal and geographic aspects should be applied simultaneously to examine the policy effects of the BRI.
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