Research on the Impact of the Opening of the China-Europe Freight Train on the Internationalization of Chinese Enterprises

Basedon the data of Chinese listed companies from 2000 to 2022, this paper systematically investigates the impact effect and mechanism of the opening of China-Europe trains on the internationalization of enterprises by using the multi-period double difference method (DID) and Heckman selection model, taking 2007-2019 as the main sample, and making robust expansion from 2000 to 2022. The results show that the opening of the China-Europe Express has significantly promoted the internationalization process of enterprises along the route, increased the probability of foreign direct investment by 18.7%, and increased the proportion of sales in overseas markets by an average of 23.5%. The mechanism analysis shows that the China-Europe freight train mainly promotes the internationalization of enterprises by reducing logistics costs, expanding market scope and optimizing supply chain layout. Heterogeneity analysis shows that the China-Europe Express plays a more significant role in promoting the internationalization of enterprises, small and medium-sized enterprises and manufacturing enterprises in inland areas. This study provides micro evidence for the economic effects of infrastructure construction under the Belt and Road Initiative, and also provides a new perspective for enterprise internationalization strategy formulation.