“一带一路”倡议能否抑制实体企业“脱实向虚”

实体经济"脱实向虚"的行为对经济高质量发展形成了严重阻碍。以"一带一路"倡议的提出为准自然实验，运用双重差分法考察"一带一路"倡议对企业"脱实向虚"行为的影响及作用路径。研究发现，"一带一路"倡议的实施显著降低了企业金融化行为，即"一带一路"倡议抑制了企业"脱实向虚"，在进行一系列稳健性检验后，上述结论仍然成立。作用机制研究表明，"一带一路"倡议不仅通过缓解企业的融资约束降低企业"脱实向虚"行为，还能通过提升企业实体利润率降低企业"脱实向虚"行为。进一步研究发现，"一带一路"倡议能够显著提升企业金融资产收益。异质性研究发现，"一带一路"倡议显著降低了国有企业和民营企业的"脱实向虚"行为，而对外资及其他企业的影响不显著。

Does the Belt and Road Initiative Prohibit Real Enterprises Shifting From Real to Virtual Economy

China's economy has entered a stage of high-quality development. To build a modern economic system, we must focus on the real economy. However, the shifting from real economy to virtual economy must hamper the high-quality economic development. Drawing on the quasi-natural experimental environment formed by the Belt and Road Initiative, the paper empirically examines the impact and path of the Belt and Road Initiative on real enterprises by DID model. The research finds that the Belt and Road Initiative can significantly reduce the degree of financialization of real enterprises, and the result remains robust after adopting a series of stability tests. The channel analysis indicates that the Belt and Road Initiative can significantly reduce the degree of financialization of real enterprises by relieving the financial constraints and improving the real profit rate. Furthermore, the Belt and Road Initiative can significantly improve the return of financial assets. The heterogeneous analysis shows that the Belt and Road Initiative has a significant inhabiting effect on state-owned enterprises and private enterprises.