遗传距离与中国的对外直接投资:友好交流的重要性
|
摘要
遗传距离是指两个民族的人追溯到他们最近的共同祖先所过去的时间,时间越久远即遗传距离越大,双方投资的契约成本增加,从而影响对外直接投资的顺利开展。使用中国对104个经济体2003—2016年的面板数据,基于工具变量法分析了遗传距离对中国对外直接投资规模和区位的影响及机制。经验验证结果表明:整体而言,遗传距离对中国对外直接投资的规模存在显著的抑制作用;在低遗传距离组,遗传距离显著抑制投资规模;而在高遗传距离组,遗传距离转而正向影响中国的对外直接投资;中国对"一带一路"经济体的投资受遗传距离负向作用影响,而对非"一带一路"经济体的投资呈正向的影响;友城交流能改善遗传距离对投资的抑制效应。
Genetic distance refers to th e time when people of two nationalities traced back to their nearest common ancestors. The longer the genetic distance is, the greater the contractual cost of investment increases, thus affecting the smooth development of outward foreign direct investment.Based on the panel data of China's 104 economic entities from 2003 to 2016, this paper employs the instrumental variable method to analyze the impact of genetic distance on the scale and location of China's OFDI and its mechanism. The empirical results show that, generally speaking, genetic distance has a significant inhibitory effect on the scale of China's OFDI. In the lower genetic distance group, the genetic distance can significantly inhibit the scale of investment; while in the higher genetic distance group, the genetic distance turns to a positive impact on China's OFDI. China's investment in the "Belt and Road" economic entities is negatively affected by the genetic distance, while the investment in the none "Belt and Road" economic entities is positively affected. The friendly city communication can change the inhibitory effect of genetic distance on investment.
Genetic distance refers to th e time when people of two nationalities traced back to their nearest common ancestors. The longer the genetic distance is, the greater the contractual cost of investment increases, thus affecting the smooth development of outward foreign direct investment.Based on the panel data of China's 104 economic entities from 2003 to 2016, this paper employs the instrumental variable method to analyze the impact of genetic distance on the scale and location of China's OFDI and its mechanism. The empirical results show that, generally speaking, genetic distance has a significant inhibitory effect on the scale of China's OFDI. In the lower genetic distance group, the genetic distance can significantly inhibit the scale of investment; while in the higher genetic distance group, the genetic distance turns to a positive impact on China's OFDI. China's investment in the "Belt and Road" economic entities is negatively affected by the genetic distance, while the investment in the none "Belt and Road" economic entities is positively affected. The friendly city communication can change the inhibitory effect of genetic distance on investment.
引文
[1]黄新飞,王绪硕,杨子晖.民族异质性、经济交流与跨国技术溢出[J].经济学(季刊),2017,(3):1117-1142.
[2]Guiso L., Sapienza P., Zingales L.. Does Culture Affect Economic Outcomes?[J]. The Journal of Economic Perspectives, 2006, 20(2):23-48.
[3]Ashraf Q., Galor O.. The “Out of Africa” Hypothesis, Human Genetic Diversity, and Comparative Economic Development[J]. American Economic Review, 2013, 103(1):1-46.
[4]Buckley P. J., Clegg L. J., Cross A. R., Liu X., Voss H., Zheng P.. The Determinants of Chinese Outward Foreign Direct Investment[J]. Journal of International Business Studies,2007,38(4):499-518.
[5]Cheng L. K., Ma Zihui. China’s Outward Foreign Direct Investment[M]//Feenstra R. C., Wei Shang-Jin, China’s Growing Role in World Trade. Chicago:University of Chicago Press,2007:545-578.
[6]Cheung Y. W., Qian X. W.. Empirics of China’s Outward Direct Investment[J]. Pacific Economic Review,2009,14(3):312-341.
[7]Kolstad I., Wiig A.. What Determines Chinese Outward FDI?[J]. Journal of World Business,2012,47(1):26-34.
[8]王永钦,杜巨澜,王凯.中国对外直接投资区位选择的决定因素:制度、税负和资源禀赋[J].经济研究,2014,(12):126-142.
[9]宗芳宇,路江涌,武常岐.双边投资协定、制度环境和企业对外直接投资区位选择[J].经济研究,2012,(5):71-82+146.
[10]綦建红,杨丽.中国ODI的区位决定因素———基于地理距离与文化距离的检验[J].经济地理,2012,(12):40-46.
[11]Spolaore E., Wacziarg R.. The Diffusion of Development[J]. The Quarterly Journal of Economics, 2009, 124(2):469-529.
[12]Guiso L., Sapienza P., Zingales L.. Cultural Biases in Economic Exchange?[J]. The Quarterly Journal of Economics,2009, 124(3):1095-1131.
[13]Spolaore E., Wacziarg R.. Long-term Barriers to the International Diffusion of Innovations[J]. Social Science Electronic Publishing, 2011, 8(9):53-55.
[14]Ang J. B., Kumar S.. Financial Development and Barriers to the Cross-border Diffusion of Financial Innovation[J].Journal of Banking and Finance,2014,39(c):43-56.
[15]McPherson M., Smithlovin L., Cook J. M.. Birds of a Feather:Homophily in Social Networks[J]. Annual Review of Sociology,2001,27(1):415-444.
[16]Spolaore E., Wacziarg R.. Ancestry and Development:New Evidence[J]. Journal of Applied Econometrics,2018,33(2):748-762.
[17]Pemberton T. J., DeG iorgio M., Rosenberg N. A.. Population Structure in a Comprehensive Genomic Data Seton Human Microsatellite Variation[J]. G3-Genes Genomes Genetics, 2013,3(5):903-919.
[18]黄新飞,舒元,徐裕敏.制度距离与跨国收入差距[J].经济研究,2013,(9):4-16.
[19]Hall R. E., Jones C. I.. Why Do Some Countries Produce So Much More Output per Worker than Others?[J]. The Quarterly Journal of Economics,1999,114(1):83-116.
[20]Ashraf Q., Galor O.. Dynamics and Stagnation in the Malthusian Epoch[J]. American Economic Review,2011,101(5):2003-2041.
[21]Tjandradewi B. I., Marcotullio P. J.. City-to-City Networks:Asian Perspectives on Key Elements and Areas for Suc cess[J]. Habitat International,2009,33(2):165-172.
(1)104个样本经济体是:中国香港、丹麦、乌克兰、乌干达、乌拉圭、以色列、伊朗、俄罗斯、克罗地亚、冈比亚、几内亚、几内亚比绍共和国、加纳、加蓬、匈牙利、南非、卡塔尔、卢旺达、卢森堡、印度、印度尼西亚、厄瓜多尔、古巴、吉尔吉斯斯坦、哥伦比亚、哥斯达黎加、土耳其、圭亚那、埃塞俄比亚、塞内加尔、塞拉利昂、塞浦路斯、墨西哥、多米尼加共和国、韩国、委内瑞拉、尼日利亚、尼日尔、尼泊尔、巴基斯坦、巴拉圭、巴拿马、希腊、德国、意大利、拉脱维亚、挪威、捷克、摩尔多瓦、摩洛哥、斐济、斯洛伐克、斯洛文尼亚、斯里兰卡、新加坡、新西兰、日本、格鲁吉亚、毛里求斯、沙特阿拉伯、法国、波兰、泰国、津巴布韦、爱尔兰、爱沙尼亚、牙买加、瑞典、瑞士、科威特、科特迪瓦、秘鲁、突尼斯、立陶宛、约旦、纳米比亚、缅甸、美国、老挝、肯尼亚、芬兰、苏里南、英国、荷兰、莫桑比克、莱索托、菲律宾、葡萄牙、蒙古、西班牙、赞比亚、越南、阿尔巴尼亚、叙利亚、埃及、阿拉伯联合酋长国、阿曼、马其顿、马拉维、马来西亚、马耳他、马达加斯加、马里、黎巴嫩。
(1)由于篇幅原因,控制变量估计结果和工具变量检验值(均通过检验)未列出,若感兴趣可向作者索取。下表同。
(1)http://www.cifca.org.cn/Web/YouChengTongJi.aspx。
(1)由于受篇幅限制,稳健性检验估计结果未列示,感兴趣可向作者索取。
[2]Guiso L., Sapienza P., Zingales L.. Does Culture Affect Economic Outcomes?[J]. The Journal of Economic Perspectives, 2006, 20(2):23-48.
[3]Ashraf Q., Galor O.. The “Out of Africa” Hypothesis, Human Genetic Diversity, and Comparative Economic Development[J]. American Economic Review, 2013, 103(1):1-46.
[4]Buckley P. J., Clegg L. J., Cross A. R., Liu X., Voss H., Zheng P.. The Determinants of Chinese Outward Foreign Direct Investment[J]. Journal of International Business Studies,2007,38(4):499-518.
[5]Cheng L. K., Ma Zihui. China’s Outward Foreign Direct Investment[M]//Feenstra R. C., Wei Shang-Jin, China’s Growing Role in World Trade. Chicago:University of Chicago Press,2007:545-578.
[6]Cheung Y. W., Qian X. W.. Empirics of China’s Outward Direct Investment[J]. Pacific Economic Review,2009,14(3):312-341.
[7]Kolstad I., Wiig A.. What Determines Chinese Outward FDI?[J]. Journal of World Business,2012,47(1):26-34.
[8]王永钦,杜巨澜,王凯.中国对外直接投资区位选择的决定因素:制度、税负和资源禀赋[J].经济研究,2014,(12):126-142.
[9]宗芳宇,路江涌,武常岐.双边投资协定、制度环境和企业对外直接投资区位选择[J].经济研究,2012,(5):71-82+146.
[10]綦建红,杨丽.中国ODI的区位决定因素———基于地理距离与文化距离的检验[J].经济地理,2012,(12):40-46.
[11]Spolaore E., Wacziarg R.. The Diffusion of Development[J]. The Quarterly Journal of Economics, 2009, 124(2):469-529.
[12]Guiso L., Sapienza P., Zingales L.. Cultural Biases in Economic Exchange?[J]. The Quarterly Journal of Economics,2009, 124(3):1095-1131.
[13]Spolaore E., Wacziarg R.. Long-term Barriers to the International Diffusion of Innovations[J]. Social Science Electronic Publishing, 2011, 8(9):53-55.
[14]Ang J. B., Kumar S.. Financial Development and Barriers to the Cross-border Diffusion of Financial Innovation[J].Journal of Banking and Finance,2014,39(c):43-56.
[15]McPherson M., Smithlovin L., Cook J. M.. Birds of a Feather:Homophily in Social Networks[J]. Annual Review of Sociology,2001,27(1):415-444.
[16]Spolaore E., Wacziarg R.. Ancestry and Development:New Evidence[J]. Journal of Applied Econometrics,2018,33(2):748-762.
[17]Pemberton T. J., DeG iorgio M., Rosenberg N. A.. Population Structure in a Comprehensive Genomic Data Seton Human Microsatellite Variation[J]. G3-Genes Genomes Genetics, 2013,3(5):903-919.
[18]黄新飞,舒元,徐裕敏.制度距离与跨国收入差距[J].经济研究,2013,(9):4-16.
[19]Hall R. E., Jones C. I.. Why Do Some Countries Produce So Much More Output per Worker than Others?[J]. The Quarterly Journal of Economics,1999,114(1):83-116.
[20]Ashraf Q., Galor O.. Dynamics and Stagnation in the Malthusian Epoch[J]. American Economic Review,2011,101(5):2003-2041.
[21]Tjandradewi B. I., Marcotullio P. J.. City-to-City Networks:Asian Perspectives on Key Elements and Areas for Suc cess[J]. Habitat International,2009,33(2):165-172.
(1)104个样本经济体是:中国香港、丹麦、乌克兰、乌干达、乌拉圭、以色列、伊朗、俄罗斯、克罗地亚、冈比亚、几内亚、几内亚比绍共和国、加纳、加蓬、匈牙利、南非、卡塔尔、卢旺达、卢森堡、印度、印度尼西亚、厄瓜多尔、古巴、吉尔吉斯斯坦、哥伦比亚、哥斯达黎加、土耳其、圭亚那、埃塞俄比亚、塞内加尔、塞拉利昂、塞浦路斯、墨西哥、多米尼加共和国、韩国、委内瑞拉、尼日利亚、尼日尔、尼泊尔、巴基斯坦、巴拉圭、巴拿马、希腊、德国、意大利、拉脱维亚、挪威、捷克、摩尔多瓦、摩洛哥、斐济、斯洛伐克、斯洛文尼亚、斯里兰卡、新加坡、新西兰、日本、格鲁吉亚、毛里求斯、沙特阿拉伯、法国、波兰、泰国、津巴布韦、爱尔兰、爱沙尼亚、牙买加、瑞典、瑞士、科威特、科特迪瓦、秘鲁、突尼斯、立陶宛、约旦、纳米比亚、缅甸、美国、老挝、肯尼亚、芬兰、苏里南、英国、荷兰、莫桑比克、莱索托、菲律宾、葡萄牙、蒙古、西班牙、赞比亚、越南、阿尔巴尼亚、叙利亚、埃及、阿拉伯联合酋长国、阿曼、马其顿、马拉维、马来西亚、马耳他、马达加斯加、马里、黎巴嫩。
(1)由于篇幅原因,控制变量估计结果和工具变量检验值(均通过检验)未列出,若感兴趣可向作者索取。下表同。
(1)http://www.cifca.org.cn/Web/YouChengTongJi.aspx。
(1)由于受篇幅限制,稳健性检验估计结果未列示,感兴趣可向作者索取。