Impact of the Belt and Road Initiative on Fixed Asset Investment: A Study of Chinese A-Share Enterprises with Moderating Effect of Outward Direct Investment

DOI

10.2991/978-94-6463-835-6_120How to use a DOI?

Keywords

Belt and Road Initiative; Fixed Asset Investment; Outward Direct Investment; Difference-in-Differences Estimation

Abstract

This study examines the influence of the “Belt and Road” Initiative (BRI) on the fixed asset investment behavior of Chinese A-share listed companies in Shanghai, Shenzhen, and Beijing, with a particular focus on the potential moderating role of foreign direct investment in this relationship. Through an analysis of data spanning from 2011 to 2023, and grounded in the Resource-based Theory and Capital Structure Theory, the study concludes that the “Belt and Road” policy has significantly increased the proportion of fixed assets among enterprises, notably within state-owned enterprises. Additionally, outward direct investment (ODI) is identified as a positive moderating factor between the policy effect and the investment in fixed assets. By enhancing domestic fixed asset investment, enterprises facilitate international market expansion and mitigate the risks associated with overseas investments. This research systematically unveils, for the first time, the dynamic adjustment mechanism of enterprise investment strategies within the context of the BRI, thereby enriching empirical studies on the influence of policies on micro-level enterprise behavior. The findings offer policymakers insights into optimizing the investment environment for enterprises in alignment with the BRI, holding significant practical implications for bolstering the global competitiveness of Chinese enterprises.

Copyright

© 2025 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  - Xinyue Zhao
PY  - 2025
DA  - 2025/09/17
TI  - Impact of the Belt and Road Initiative on Fixed Asset Investment: A Study of Chinese A-Share Enterprises with Moderating Effect of Outward Direct Investment
BT  - Proceedings of the 2025 3rd International Academic Conference on Management Innovation and Economic Development (MIED 2025)
PB  - Atlantis Press
SP  - 1115
EP  - 1126
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-835-6_120
DO  - 10.2991/978-94-6463-835-6_120
ID  - Zhao2025
ER  -