语言距离对我国出口和对外直接投资的影响——基于“一带一路”沿线国家的研究

The Impact of Linguistic Distance on China’s Exports and OFDI:An Empirical Study Based on Countries along the“Belt and Road”

基于2003—2019年中国与59个“一带一路”沿线国家的面板数据,采用扩展的贸易引力模型以及工具变量法,实证研究了语言距离对我国出口和对外直接投资的影响,并进一步分析了降低语言壁垒的有效措施。研究结果显示:语言距离与我国向“一带一路”沿线国家出口和投资均存在显著的负相关关系,但对投资的抑制作用更大;语言距离主要通过成本机制作用于贸易和投资;相比于高收入国家,语言距离对我国向中低收入发展中国家出口和投资的抑制作用更为显著;东道国人力资本的提升有利于弱化语言距离对贸易和投资的负向影响;此外,在我国对“一带一路”沿线国家的直接投资中,采用当地官方语言而非英语更有利于降低语言壁垒,推动投资活动顺利进行。明晰语言与贸易和投资的关系,有利于我国企业在开展海外业务时减少语言障碍和文化摩擦,促进我国向“一带一路”沿线国家的出口和投资,从而推动我国对外经贸的持续稳定增长。

Based on the panel data of China and 59 countries along the“Belt and Road”from 2003 to 2019,this paper uses the gravity model and instrumental variable approach to study the impact of linguistic distance on China’s exports and outward foreign direct investment(OFDI)and further analyzes the solutions to language barriers.The results show that linguistic distance has a significant negative impact on China’s exports and investment to countries along the“Belt and Road”,and the impact on OFDI is stronger than that on exports.Linguistic distance mainly acts on trade and investment by influencing costs.Compared with high-income countries,linguistic distance has a more significant nega⁃tive effect on exports and investment between China and low-and middle-income countries.The improvement of human capital in the host country is conducive to weakening the negative effect of linguistic distance on trade and investment.In addition,while China invests along the“Belt and Road”,the use of local official languages instead of English is more conducive to removing language barriers and promoting its investment activities.Clarifying the role of language in trade and investment can help reduce language barriers and cultural frictions for Chinese enterprises in their business overseas,which can promote China’s exports and investment along the“Belt and Road”,thus maintaining sustained and stable growth of China’s foreign trade and economic cooperation.