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基于“一带一路”倡议的背景,利用2008~2015年中国上市公司数据,实证检验了地区市场化进程对国际多元化经营产生的影响,以及“一带一路”倡议所产生的中介作用。研究发现,市场化进程与国际多元化间存在显著的正相关关系,而“一带一路”倡议成为促进国内企业进行国际多元化经营的动力,但考虑“一带一路”倡议中间作用后,市场化进程却并不能继续对国际多元化产生正向影响。进一步研究发现,市场化进程更多地影响了国有企业的国际化经营选择,而“一带一路”倡议的提出则更加激发了民营企业国际多元化经营的动力。
Based on the background of the Belt and Road initiative and the data of Chinese listed companies from 2008 to 2015, the paper empirically tests the impact of the process of regional marketization on international diversification and the mediating role of the Belt and Road initiative . The study found that there was a significant positive correlation between the progress of marketization and international diversification. However, the “One Belt and One Road” initiative has become a driving force for domestic enterprises to diversify their operations internationally. However, considering the intermediary role of the “Belt and Road Initiative” However, the marketization process can not continue to have a positive impact on international diversification. Further study found that the process of marketization has more influence on the choice of international operation of state-owned enterprises, and the proposal of “One Belt and One Road ” initiative has further stimulated the motivation of international diversification of private enterprises.