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

Abstract

Abstract: 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.

Key words: the Belt and Road Initiative, from virtual to real, financial constraints, real profit rate, financial assets return

CLC Number:

F830.2

ZHOU Bo-le, GE Peng-fei, WU Xiao-xu. Does the Belt and Road Initiative Prohibit Real Enterprises Shifting From Real to Virtual Economy[J]. Journal of Guizhou University of Finance and Economics, 2020(05): 34-45.

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