文化距离对中国对外直接投资企业经营绩效影响研究——基于制造业上市公司微观数据的实证分析

Effects of Cultural Gap on Chinese OFDI Companies' Performance——An Empirical Analysis Based on Micro Data from Listed Manufacturing Companies

本文选择2007-2014年中国制造业上市公司在67个经济体的772例OFDI事件作为研究样本,通过门槛效应检验方法考察文化距离对中国跨国企业经营绩效的作用机制。结果表明:文化距离与中国OFDI企业经营绩效之间整体上呈现倒U型关系,即在适度范围内文化距离的增加有助于提升中国OFDI企业的经营绩效,但过大的文化距离则会抑制跨国企业的经营绩效增长;企业性质会对文化距离与企业经营绩效的关系产生调节作用,即国企属性能够减少文化距离过大对经营绩效的负面影响;文化距离对跨国企业经营绩效的影响在不同行业间也存在差异,文化距离对于资本密集型行业的影响会更加显著;此外东道方的经济环境、投资模式等因素都会对中国OFDI企业的经营绩效产生显著影响。这些结论为中国企业克服"走出去"面临的文化距离"玻璃幕墙"提供了理论引导。

This study fits a sample of 772 OFDI cases by Chinese listed manufacturing companies into the threshold model and examines the mechanism that different levels of cultural gap affect corporate performance. The results show a bell-shaped relationship between cultural gap and the performance of Chinese OFDI companies. Therefore, a moderate range of cultural gap between the home market and destination market could contribute to decent corporate performance. The ownership of enterprise has a moderating effect on the relationship described above and state-owned companies’ performance responds less to excessive cultural gap than private enterprise. The influence of cultural gap on a company’s performance differs across industries as more significant influence is discovered in capital-intensive industries. In addition, the host’s economic environment and the type of investment also have a significant influence on performance. These findings provide theoretical guidance to help Chinese companies overcome＂glass-curtain wall＂when entering the international market.