共有文化印记与企业对外投资

Common Cultural Imprinting and Corporate Outward Investment

历史上,中国和“一带一路”国家友好交往源远流长,留下了不少共有文化印记。本文通过构建2000-2019年面板数据,使用双重差分模型分析了共有文化印记如何影响“一带一路”倡议的实施,促进中国企业对外投资,推动“一带一路”高质量建设的实现。文章发现,妈祖文化是传统文化的重要组成部分,也是共有文化印记的重要来源,中国企业对存在共有文化印记的国家投资额更多。异质性分析表明,共有文化印记对投资促进作用存在区域和企业的差异性影响,在高风险地区共有文化印记促进投资的作用更为显著。共有文化印记对投资的促进作用显著体现在国有企业中,对民营企业投资促进作用并不显著。我们以来华游客数量作为民心相通的代理变量,分析了共有文化印记如何通过促进民心相通影响企业对外投资。上述结论为“一带一路”实现高质量建设提供了新的政策建议。

Historically,China and the Belt and Road countries have a long history of friendly exchanges,leaving a lot of shared cultural imprints.This paper uses a difference in difference model to analyze how shared cultural imprinting influence the implementation of the“Belt and Road”initiative,promote Chinese enterprises'outbound investment,and facilitate the realization of high-quality construction of the“Belt and Road”by constructing panel data from 2000 to 2019.We finds that Mazu culture is an important part of traditional culture and an important source of shared cultural imprint‐ing,and Chinese firms invest more in countries where shared cultural imprinting exist.Heterogeneity analysis shows that there are regional and firm-specific effects of shared cultural imprints on investment promotion,and the role of shared cultur‐al imprints in promoting investment is more significant in high-risk areas.The promotion effect of the shared cultural mark on investment is significant in state-owned enterprises,but not in private enterprises.We use the number of tourists coming to China as a proxy variable for people-to-people ties and analyze the impact of shared cultural imprints on enterprises'out‐bound investment through promoting people-to-people ties.These findings provide new policy recommendations for achiev‐ing quality construction along the Belt and Road.