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文化距离、制度距离与对外直接投资——基于中国对“一带一路”沿线国家 OFDI 的实证研究发布时间:2019-12-27  点击数:
作 者:李俊久 丘俭裕 何彬
关键词:文化距离;制度距离;“一带一路”;对外直接投资;PPML 方法
摘 要:

随着中国对“一带一路”沿线国家对外直接投资规模的不断扩大,中国投资企业所面临的外部环境日趋复杂,其中制度距离和文化距离的影响愈发突出。根据 2003-2017 年中国对全球94个国家 (尤其是“一带一路”沿线 61 个国家) 的对外直接投资数据,制度距离与文化距离对中国对外直接投资有以下影响:制度距离总体上促进了中国的对外直接投   资,而文化距离抑制了对外直接投资,并且文化距离的抑制作用显著大于制度距离的促进作用,因而文化距离比制度距离更重要;同时,二者的促进与抑制效应在不同的时间段内总体保持一致,但因沿线国家经济发展水平的不平衡而不同;在细分维度上,腐败控制距离、表达权与问责权距离以及男女性气质距离、不确定性规避距离、长短期导向距离对中国在“一带一路”沿线国家投资的影响程度,显著大于其他细分维度。鉴于此,中国在“一带一路”的推进过程中,要尤其关注特定维度制度距离和文化距离的投资效应,不断优化在“一带一路”沿线的投资布局。

 

Cultural Distance, Institutional Distance and Outward Foreign Direct Investment

An Empirical Study Based on Chinaʼs OFDI to Countries along the “Belt and Road”

Li Junjiu, Qiu Jianyu, He Bin (Jilin University)

 

Abstract With the constant enlargement of Chinaʼs OFDI scale to countries along the “Belt and Road”, Chinese investment enterprises are facing an increasingly complicated external environment, in which the influence of institutional distance and cultural distance has become more obvious. According to China’s OFDI panel data of 94 countries from 2003 to 2017, especially the data of 61 countries along the “Belt and Road”, this study demonstrates that institutional distance in general promotes China’s OFDI to countries along the “Belt and Road”, while cultural distance inhibits OFDI. Moreover, the inhibition effect of cultural distance is significantly stronger than the promotion effect of institutional distance, indicating that cultural distance is more important than institutional distance. In addition, the promotion and inhibition effects are generally consistent with each other in different periods, but they are different due to the imbalance of economic development among the countries. In the subdivision dimension, institutional distance like Control of Corruption, Voice and Accountability, and cultural distance like Masculinity vs. Femininity, Uncertainty Avoidance and Long Term vs Short Term Orientation exert more significant influences on Chinaʼs OFDI than the other subdivision dimensions. There- fore, China should pay special attention to the investment effect of specific dimensions of institutional distance and cultural distance in the process of promoting the “Belt and Road”, and constantly optimize the investment layout along the “Belt and Road” in the future.

Key words         cultural distance; institutional distance; the “Belt and Road”; OFDI; PPML methodology

 

     作者简介 李俊久,经济学博士,吉林大学经济学院教授、博士生导师,吉林大学“一带一路”研究中心副主任;吉林 长春 130012

丘俭裕,吉林大学经济学院博士研究生。

彬,吉林大学中国国有经济研究中心副教授。


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