制度差异、文化距离与中国企业对外直接投资风险

Different institution、Distance of Culture and Risk of Investing Abroad

文章运用2004～2008年我国1852家有对外直接投资的企业数据，实证检验了东道国制度、文化及其差异对我国企业对外直接投资风险的影响。经过检验主要有以下发现：东道国政治越稳定、腐败控制越好、政府效率越高以及法制质量越好，我国企业对外直接投资的风险越低；法制和腐败控制的差异越大，我国企业投资高收入国家的风险越低；政府效率差异越大，我国企业投资中低收入国家的风险越高；东道国的保守和阶层观念增加了我国企业对外投资的风险，而自我意识和平等意识降低了我国企业投资的风险；双边文化距离与我国企业对外投资风险呈现“u”型趋势。

There are large difference in cultures between home country and host country. Will the differences make some risk for investment abroad? This article examines how differences of institutions and culture would cause investment risks. By using data of Chinese manufacturing companies,it finds : Firstly,high quality of institution in host country will lower the risk of Chinese companies; Secondly,the differences of institution increase the risks; Thirdly,the culture of guest country also has positive effect on risk of Chinese companies; Fourthly,the correlation between difference of culture and risk is like a ' U' shape.