Replication Data for: Initiative as Institution: How the Belt and Road Initiative Influences Chinese Firms' Participation in Global Value Chains

This article investigates how the Belt and Road Initiative (BRI), proposed by China in 2013, influences the participation of Chinese firms in the global value chains (GVCs). More than just an economic strategy, BRI could serve as a substitute for inadequate contract enforcement in cross-border economic transactions between Chinese firms and their foreign counterparts. Using data from Chinese private companies listed from 2008 to 2016 and multiplicative interaction models, this article evaluates the impact of BRI as a policy shock that enhances contract enforcement and encourages Chinese firms’ participation in the GVCs. The results suggest that, following the implementation of the BRI in 2013, private firms with political ties to the government became more active participants in the GVCs, thanks to greater support from the Chinese state in facilitating contract enforcement abroad. The findings imply that BRI, as a state-led economic strategy, can also function as a mechanism that encourages private firms with political connections to expand globally by reducing transaction costs in cross-border trade activities.

本文研究了中国2013年提出的“一带一路”倡议（Belt and Road Initiative, BRI）对中国企业参与全球价值链（Global Value Chains, GVCs）的影响。“一带一路”倡议绝非仅仅是一项经济战略，更可作为中国企业与境外交易伙伴间跨境经济交易中合同执行不足问题的替代机制。本文采用2008至2016年中国民营上市公司数据与乘法交互模型，评估了“一带一路”作为一项强化合同执行、推动中国企业参与全球价值链的政策冲击所产生的影响。研究结果表明，2013年“一带一路”倡议实施后，与政府存在政治关联的民营企业因中国政府在海外合同执行保障方面提供了更多支持，其参与全球价值链的活跃度显著提升。本研究结论显示，作为政府主导的经济战略，“一带一路”倡议还可通过降低跨境贸易活动中的交易成本，成为推动具备政治关联的民营企业拓展全球业务的机制。