关键词: “一带一路”倡议, 债权融资, 融资结构, 竞争力, 跨国投资

Abstract: The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has explicitly emphasized the high-quality joint development of the“Belt and Road Initiative”(BRI). Against the backdrop of profound adjustments in the global economic landscape and rising external uncertainties, the 15th Five-Year Plan period presents both risks and opportunities for corporate outbound investment. This study examines the impact mechanism of the BRI on corporate financing structures. Based on a sample of China’s A- share listed companies from 2008 to 2024, the empirical analysis employs a Difference-in-Differences model across single and multiple time points. The findings indicate that the BRI significantly reduces the proportion of debt financing among participating enterprises. This effect is particularly pronounced in non-infrastructure industries and for firms with high market competitiveness and strong solvency. Further analysis reveals that this impact is achieved through two main pathways: first, by enhancing a firm’s market competitiveness, which optimizes its financing choices, and second, by strengthening government policy support, which improves its financing conditions. The conclusions of this research provide empirical evidence for the micro-level policy effects of the BRI, while also offering a decision-making framework for enterprises to optimize capital structures, mitigate debt risks, and improve their capacity for global resource allocation. 

Key words: the Belt and Road Initiative (BRI), debt financing, financing structure, competitiveness;transnational investment