中国的文化输出能推动对外直接投资吗?——基于孔子学院发展的实证检验

Does China's Cultural Output Promote Outward Foreign Direct Investment?——An Empirical Test Based on the Development of Confucius Institute

文化输出作为我国新时期"走出去"发展战略内涵升级的重要体现,有望成为实现我国新一轮经济增长的新的原动力。本文把文化交易成本嵌入传统跨国投资理论,基于局部均衡法阐释了文化影响资本跨国流动的作用机理,进而以孔子学院作为我国文化输出的代理变量,使用马氏距离匹配法和倍差法实证研究了文化输出和资本输出之间的关系。认为中国的文化输出显著推动了对外直接投资,并且这种推动作用表现出明显的国家类别差异、洲际差异、时滞性及广度边际性等特征。

In this paper we embed cultural transaction cost in traditional international investment theory,and use partial equilibrium analysis method to explain the mechanism of cultural influence on international capital flow.We then use Mahalanobis distance-matching and Difference-in-Difference method to study the quantitative relationship between cultural output and capital output,taken the Confucius Institute as a proxy for China＇s cultural output.We find that China＇s cultural output has a significant effect on investment promotion,and this effect varies in countries,continents,time lags and breadth marginality.