Strategic Resource Allocation and the Efficiency Dilemma of State-Led Globalization

DOI

10.2991/978-94-6239-777-4_10How to use a DOI?

Keywords

Belt and Road Initiative; Total Factor Productivity; Difference-in-Differences; Overseas Revenue Share; Policy Transmission Mechanism

Abstract

This paper examines the relationship between the Belt and Road Initiative (BRI) and the total factor productivity (TFP) of Chinese A-share listed companies. Based on panel data from 2010 to 2023, this study employs a difference-in-differences model to identify the treatment effect of the policy shock and uses overseas revenue share to examine its transmission mechanism. The findings show that the implementation of the BRI does not generate the expected productivity gains; instead, it leads to a significant decline in the TFP of sample firms. Heterogeneity analysis indicates that central state-owned enterprises are more strongly affected, while infrastructure-related industries do not exhibit a significant negative response. The mechanism test shows that overseas revenue share does not serve as a positive transmission channel, suggesting a weak link between deeper internationalization and productivity improvement. These findings reveal a transformation bottleneck in the micro-level transmission of national strategies: access to policy resources does not necessarily lead to efficiency improvement, as possible institutional adaptation costs, rising management complexity, and inefficient resource allocation may offset the potential benefits of market expansion. By shifting the focus of policy evaluation from “scale expansion” to “efficiency transformation,” this paper provides a new analytical dimension for understanding the performance logic of emerging-market firms participating in international strategies, as well as micro-level evidence for policy adjustments aimed at the high-quality development of the BRI.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

TY  - CONF
AU  - Tianqi Zhang
PY  - 2026
DA  - 2026/09/30
TI  - Strategic Resource Allocation and the Efficiency Dilemma of State-Led Globalization
BT  - Proceedings of the 2026 8th International Conference on Economic Management and Cultural Industry (ICEMCI 2026)
PB  - Atlantis Press
SP  - 78
EP  - 89
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-777-4_10
DO  - 10.2991/978-94-6239-777-4_10
ID  - Zhang2026
ER  -