摘要
随着中国的全球化进程不断加深,海外华人网络作为一项在东道国的重要关系资产越来越受到重视。本文基于2008~2013年53个国家的海外华人存量数据与中国对外投资宏观的国家数据,考察了海外华人网络对中国对外投资的影响及异质性,并利用Bootstrap中介检验方法检验了海外华人网络对中国对外投资的影响途径。研究发现,总体上,海外华人网络作为与东道国文化交流的重要纽带,对中国的对外投资产生了积极影响,上述结论在控制了内生性问题后依然稳健。进一步,通过中介效应检验,发现文化距离的中介效应显著,海外华人网络会通过降低中国与东道国之间的文化差异间接促进中国对外投资。同时发现,海外华人网络对中国对外投资的影响在不同东道国存在显著异质性,在文化差异大和制度质量低的东道国,海外华人网络的正向作用更明显。
With the deepening of China＇s globalization process, the overseas Chinese network, as an important asset in the host country, gets more and more attention. Based on the 2008-2013 overseas Chinese stock data of 53 countries and macro national data of Chinese foreign investment, this paper examines how overseas Chinese network and the heterogeneity of host country affects Chinese foreign investment,and the conclusion remains robust after controlling endogeneity problem. This paper uses Bootstrap method and the most recent mediation test procedure to examine how overseas Chinese network affects Chinese foreign in- vestment. The results show that, the overseas Chinese network, as an important culture exchange link between China and host countries, has a positive influence on Chinese OFDI. Further, through mediation test, this paper finds that the inter- mediate effect of cultural distance is significant. Overseas Chinese network will in- directly promote China＇s foreign investment by reducing the cultural differences be- tween China and host countries. At the same time, this paper finds that the influ- ence of overseas Chinese network on China＇s foreign investment shows the character of host country heterogeneity. It plays a more significant role in host countries with which China has bigger cultural differences or countries whose institutions are of low quality.
关键词
海外华人网络
对外直接投资
文化距离
中介效应
Overseas Chinese network
Foreign direct investment
Cultural dis- tance
Mediation effect.
