Abstract:The international economy is highly impacted by the implementation of the Belt and Road Initiative, and its potential benefits are increasingly concerned. Based on the data of Chinese listed companies from 2012 to 2017, the method of difference-in-difference is used to investigate the influence of the Belt and Road Initiative on the innovation ability of Chinese enterprises. Moreover, the industrial agglomeration level of different industries calculated by location entropy is regarded as the intermediary variable to study the specific effect on enterprise innovation. The results show that, the Belt and Road Initiative can improve the innovation ability of Chinese enterprises, and the industrial agglomeration is considered as an intermediary actor, among which, the secondary industry agglomeration reduces the innovation ability of enterprises, while the tertiary industry agglomeration improves the innovation ability of enterprises.