Liu Haiyue, Wang Yuhan, Zhang Qin, Jiang Jie
Business School, Sichuan University, Chengdu, China.
Front Psychol. 2022 Mar 11;13:794455. doi: 10.3389/fpsyg.2022.794455. eCollection 2022.
Based on 2010 to 2019 Chinese outward foreign direct investment (OFDI) panel data from 39 host countries, this paper studies the relationships between host country cultural characteristics and Chinese OFDI. The OLS regression results show that the cultural tolerance and trust in the host countries are significantly positively correlated with Chinese OFDI, which are robust according to the system GMM tests. Further analysis reveals that cultural tolerance is more positively related to Chinese OFDI in host countries with higher legislation and economic freedom, while cultural trust is positively associated with Chinese OFDI in host countries with lower legislation and economic freedom. In addition, higher cultural tolerance and trust promote Chinese OFDI in countries with greater cultural distance. Unlike traditional studies based on cultural distance in international trade, using more representative cultural characteristics, this paper provides references to Chinese OFDI decision-making based on the root characteristics associated with heterogeneous cultural influences.
基于2010年至2019年中国对39个东道国的对外直接投资（OFDI）面板数据，本文研究了东道国文化特征与中国对外直接投资之间的关系。OLS回归结果表明，东道国的文化宽容度和信任度与中国对外直接投资显著正相关，经系统GMM检验结果稳健。进一步分析发现，文化宽容度与立法和经济自由度较高的东道国的中国对外直接投资正相关更强，而文化信任度与立法和经济自由度较低的东道国的中国对外直接投资正相关。此外，较高的文化宽容度和信任度促进了中国在文化距离较大国家的对外直接投资。与基于国际贸易中文化距离的传统研究不同，本文使用更具代表性的文化特征，为基于异质文化影响根源特征的中国对外直接投资决策提供参考。
