国际经济与贸易学院知识库

  企业对外直接投资（OFDI）是“走出去”战略的重要组成部分，也是深化国别交流、增进相互了解的有效途径，“一带一路”倡议的提出更是加速推进了区域经济合作的进程。“一带一路”沿线国家矿产资源较为丰富，能源矿产和各类金属矿产的储量和产量均位于世界前列，且多为发展中国家，具有较大的投资潜力。然而，由于国际经贸环境的变化，文化差异对中国“走出去”企业的影响愈发严重。中国与“一带一路”沿线国家的文化距离较大，由此可能引发的各类风险会潜移默化地影响中国企业OFDI的顺利开展。现有关于文化距离对OFDI影响的研究取得了不少进展，但由于研究主体、方法及研究范围不一致等因素，仍然没有形成统一的研究结论。因此，开展文化距离对中国企业OFDI的影响研究，有助于企业了解其影响程度和作用机制，尽可能规避由文化距离所引致的投资风险，对于促进企业在“一带一路”沿线国家OFDI的稳定发展具有重要的意义。

  本文聚焦于文化距离对中国企业OFDI的影响程度，并探讨出口行为的调节作用。采用中国2011-2021年开展过对外直接投资的沪深A 股上市公司作为研究样本，汇总计算得到“企业-年份-国家”三个维度的直接投资数据，依据改进的KSI指数法得到动态国别文化距离指数，并将中国对沿线国家的出口额作为企业出口行为调节变量。实证检验结果显示：（1）文化距离对中国企业在“一带一路”沿线国家OFDI具有负向影响。即中国与东道国文化距离越大，企业OFDI规模越低。（2）文化距离对中国企业在“一带一路”沿线国家OFDI的影响具有异质效应。根据企业性质将样本企业划分为国有企业和非国有企业进行实证检验，发现国有企业和非国有企业样本的文化距离系数均显著为负，但国企样本的文化距离系数绝对值小于非国企，文化距离对非国有企业对外直接投资决策的限制作用会更大；根据企业存续年限中位值划分为存续年限较长的企业和存续年限较短的企业，文化距离系数均显著为负，但相比存续较短的企业，文化距离对于存续较长的企业在“一带一路”沿线国家OFDI的负向影响更大；将东道国划分为高收入国家、中高等收入国家、中低等收入国家及低收入国家，发现文化距离的系数绝对值随着国家收入水平的上升越来越大，即在更高收入水平的国家进行OFDI受到文化距离的抑制影响更大。（3）出口行为的调节效应。文化距离与出口行为的交互项系数显著为负，出口行为并不能够正向调节文化距离对企业对外直接的负向影响。本文在最后从政府角度提出了加强友好合作、完善企业帮扶制度以及建立文化沟通渠道的建议，从企业层面提出了建立风险应急预案、合理制定投资策略以及综合考虑进行OFDI区位选择的建议。

   Enterprise foreign direct investment (OFDI) is an important part of the "going global" strategy, and also an effective way to deepen national exchanges and enhance mutual understanding. The proposal of the "the Belt and Road" initiative has accelerated the process of regional economic cooperation. The countries along the "the Belt and Road" are rich in mineral resources. The reserves and output of energy minerals and various metal minerals are in the forefront of the world, and most of them are developing countries, with great investment potential. However, due to changes in the international economic and trade environment, the impact of cultural differences on China's "going global" enterprises is becoming increasingly severe. The cultural distance between China and the countries along the "the Belt and Road" is large, and the various risks that may arise from this will imperceptibly affect the smooth development of OFDI in Chinese enterprises. There has been considerable progress in existing research on the impact of cultural distance on OFDI, but due to factors such as inconsistent research subjects, methods, and scope, a unified research conclusion has not yet been formed. Therefore, carrying out research on the impact of cultural distance on Chinese enterprises' OFDI will help enterprises understand its impact and mechanism, avoid investment risks caused by cultural distance as far as possible, and have important significance in promoting the stable development of enterprises' OFDI in countries along the "the Belt and Road".

   This article focuses on the impact of cultural distance on Chinese enterprises' OFDI and explores the moderating effect of export behavior. Using China's A-share listed companies in Shanghai and Shenzhen that have carried out outward direct investment in 2011-2021 as the research sample, the direct investment data in three dimensions of "enterprise year country" are summarized and calculated. The dynamic country cultural distance index is obtained according to the improved KSI index method, and China's exports to countries along the line are taken as the moderating variable of enterprise export behavior. The empirical test results show that: (1) Cultural distance has a negative impact on OFDI of Chinese enterprises in countries along the "the Belt and Road". The greater the cultural distance between China and the host country, the lower the scale of OFDI for enterprises. (2) Cultural distance has a heterogeneous effect on the impact of Chinese enterprises on OFDI in countries along the "the Belt and Road". According to the nature of the enterprise, the sample enterprises were divided into state-owned enterprises and non-state-owned enterprises for empirical testing. It was found that the cultural distance coefficients of both state-owned and non-state-owned enterprise samples were significantly negative, but the absolute value of the cultural distance coefficient of the state-owned enterprise sample was smaller than that of non-state-owned enterprises. Cultural distance would have a greater restrictive effect on non-state-owned enterprises' outward direct investment decisions; According to the median value of the duration of enterprises, divided into enterprises with longer duration and enterprises with shorter duration, the cultural distance coefficient is significantly negative, but compared with enterprises with shorter duration, cultural distance has a greater negative impact on the OFDI of enterprises with longer duration in countries along the "the Belt and Road"; Dividing the host country into high-income countries, middle to high-income countries, middle to low-income countries, and low-income countries, it was found that the absolute value of the coefficient of cultural distance increases with the increase of national income level, indicating that OFDI in countries with higher income levels is more inhibited and affected by cultural distance. (3) The moderating effect of export behavior. The coefficient of interaction between cultural distance and export behavior is significantly negative, and export behavior cannot positively regulate the negative impact of cultural distance on the direct external of enterprises. At the end of this article, suggestions are proposed from the perspective of the government to strengthen friendly cooperation, improve the enterprise assistance system, and establish cultural communication channels. At the enterprise level, suggestions are proposed to establish risk emergency plans, formulate reasonable investment strategies, and comprehensively consider the location selection of OFDI.