"一带一路"倡议是否有利于促进企业创新能力提升

基于中国上市企业2012-2016年样本数据，考察“一带一路”倡议实施初期阶段对企业创新的影响。首先，通过面板双重差分估计策略发现，倡议实施初期阶段，参与倡议建设企业的创新产出显著下降。其次，为解决内生性问题，使用双重差分倾向得分匹配法进行验证，结论仍一致。最后，通过双重差分和三重差分估计发现，参与倡议建设的非国有企业创新产出下降幅度更大更显著，并且其创新产出对政府补助的敏感度更高。研究表明，在倡议实施后期阶段，需通过政府补助等调控手段提高非国有企业创新水平，并注重对外开放与企业创新耦合协调度，逐步实现与沿线国家高端产业对接。

Whether the Belt and Road Initiative Improve the Enterprise's Innovation

Based on the sample data of listed companies in China from 2012 to 2016, this paper examines the impact of the initial stage of the Belt and Road Initiative on corporate innovation. Firstly, the difference-in-difference estimation of panel double discovered that the innovation output of enterprises involved reduced significantly. Then, the conclusions are still consistent while using the PSM-DID model to avoid the endogenous problem. Finally, this paper found that the innovation output of non-state-owned enterprises involved in the initiative is more significant and more sensitive to government subsidies through difference-in-difference and triple-difference estimation. Therefore, the implementation of the initiative significantly improved the oversea income and return on assets. It shows that in the later stage of the initiative, the state needs to adopt government subsidies such as subsidies to improve the innovation of non-state-owned enterprises, and pay attention to the coupling and coordination degree between opening up and enterprise's innovation, and gradually realize the connection with high-end industries along the line.