“一带一路”倡议如何影响中国企业转型升级

"一带一路"倡议是中国企业走出去和转型升级战略决策的重要政策情境,学界广泛关注其出口贸易效应和对外投资效应,但多为宏观中观层面研究,缺乏其是否以及如何影响企业战略决策的路径及后果的知识。案例研究发现,"一带一路"倡议具有显著的推力和拉力效应,"推力"主要源于市场竞争压力、政府推力、舆论推力与利益相关者推力;而"拉力"则主要表现为新的市场机会、出口固定成本降低、出口边际成本降低、投资壁垒减少和融资成本的变化。随着"一带一路"倡议的实施和推进,推力和拉力效应凸显,企业"主动"或"被动"重新识别地域性机会、产业机会或全球价值链重构机会而实施转型升级,形成三条具有代表性的路径为：依托管理变革能力在省内、国内和国际等层面实施空间转移战略,利用公司创业能力择机实施跨业转型,基于突出的创新和市场能力着力打造自主价值链的一体化战略。进一步地,不同企业（如国有和民营）推力和拉力效应的内涵存在差异,能力基础存在差异,而机会窗口是外部环境变化与企业资源和能力共同结合的产物,因此,它们可能识别和开发的机会存在较大差异。特别地,"一带一路"倡议对民营企业转型升级决策的影响较弱;同时,民营企业转型升级路径中没有识别出跨业转型。该研究夯实了"一带一路"倡议对外投资效应的微观基础,阐明了其影响企业转型升级路径的理论机制,为企业在新时代结合实际选择转型升级路径、切实有效地推进转型升级提供了参考依据。

How Does the Belt and Road Initiative Affect Transformation and Upgrading of Chinese Enterprises

The Belt and Road initiative is one of the most important policy circumstance for Chinese enterprises' outward foreign direct investment as well as their transformation and upgrading strategies. Since issue of the Belt and Road initiative, the scholars also implemented some research to it. The existing research mainly focuses on its effect on export trade and outward foreign direct investment, which are based on the macro level and quasi-macro level. Yet, not much is known about its effect on the enterprises' strategic decisions. Based on a case study to four Chinese enterprises, this paper found that, the Belt and Road initiative exhibited both push and pull effect to Chinese enterprises. The push effect mainly comes from competitive pressure of the market, the government, the media as well as the stakeholders. The pull effect is mainly displayed by new market opportunities, the decreasing fixed cost of export, the decreasing marginal cost of export, the diminishing investment barriers and the changing financing cost. With the implementation of the Belt and Road initiative, its push and pull effect becomes more significant. The Chinese enterprises fulfill their transformation and upgrading by re-identifing opportunities from new region and new industry, or reconstruction of global value chain. They developed three representative routines of transformation and upgrading, i.e., regional transfer strategy both in domestic and foreign market based on their management revolution ability, trans-industry transformation applying their entrepreneurship capacity, integration strategy of creating their own value chain based on innovation and market ability. Furthermore, transformation and upgrading opportunities for enterprises are the outcomes of both external environmental changes as well as internal resources and abilities. For different kinds of enterprises, such as state-owned enterprises and private enterprises, the push and pull effect of the Belt and Road initiative exhibit different characters. They themselves also possess different resources and abilities. Therefore, they can identify and develop different opportunities. Our case study also found that the Belt and Road initiative showed moderate influence to the transformation and upgrading strategies in private enterprises and there is no trans-industry transformation in this kind of enterprises. Our study makes some contributions to the existing literature. It helps lay the ground for the research to outward foreign investment effect of the Belt and Road initiative from the micro level. It clarifies the theoretic mechanism on how the Belt and Road initiative affects the routine of transformation and upgrading for Chinese enterprises. Furthermore, our study provides reference for Chinese enterprises to choose an appropriate routine and effectively promote transformation and upgrading in this new era.