High-level opening-up and enterprise innovation resilience: Evidence from a quasi-natural experiment of China's belt and road initiative

In the complex scenario of the reversing globalization trend and the intensifying technological hegemony, enterprise innovation resilience has transcended the realm of micro-enterprise development to the institutional design level that ensures the security and dominance of China's high-level opening-up strategy. The Belt and Road Initiative (BRI), as the most representative policy of high-level opening-up, has achieved notable milestones. Based on data from A-share listed companies in China from 2009 to 2023, we use a Difference-in-Differences (DID) approach to analyze the impact, mechanisms, and spillover effects of the BRI. The results show that the BRI significantly enhances enterprise innovation resilience by stimulating innovation motivation, providing innovation opportunities, and improving innovation capabilities, as identified through the Motivation-Opportunity-Ability (MOA) model. Additionally, the BRI facilitates Chinese firms' integration into global value chains and enhances their flexibility within domestic supply chains. The impact is particularly pronounced for State-Owned Enterprises (SOEs), firms in eastern regions, and those in national innovation pilot cities. Our research provides crucial insights for policy-making concerning high-level opening-up and the cultivation of the innovative resilience of Chinese enterprises under the corresponding policies.