信仰的力量:东道国宗教信仰会影响中国OFDI吗?
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摘要
基于2003-2015年中国对外直接投资流量数据及ARDA宗教数据,构造引力模型实证考察东道国宗教信仰多样性和东道国与中国宗教信仰相似性对中国OFDI的影响。分析结果表明,东道国宗教信仰多样性对中国OFDI有促进效应,但东道国与中国宗教信仰相似性对OFDI没有显著正影响。使用1900年宗教信仰结构匹配的宗教变量及1500年东道国与中国的遗传距离作为工具变量,纠正模型中可能存在的内生性问题后,这一结论依然存在。同时,用控制传导变量及剔除金融危机影响的方法进行稳健性测试的结果也支持这一结论。最后,在进一步的作用机制检验中初步发现,宗教信仰会通过选择偏好效应、信任间性效应和制度介导效应作用于对外直接投资。
Since the reform and opening up,the level of China's opening to the outside world has been deepened. At the same time,the scale and quantity of overseas investment in China has also continued to rise,and has become an important engine for economic growth. With the background of the continuous improvement of transportation has caused the geographical distance to reduce the impact on overseas investment,and the influence of host country culture and system on investment has been continuously improved,especially the host country's religious culture has become an important factor affecting the investment countries' overseas investment,China's enterprises are paying more and more attention to the religious and cultural issues of the host country in the process of making foreign investment. However,there are few studies on the relationship between religion and investment. Although some related studies have promoted people's understanding of the role of religious belief in the investment process,they still have some defects. For example,these studies often replace the religious beliefs of a country with the largest religious group,thus ignoring the fact that there is religious diversity within a country,and leading to biased research conclusions. In addition,these studies lack sufficient consideration of the endogeneity between religion and investment,and the mechanism of action and economic consequences of religious influence on investment have not been systematically studied. Therefore,this paper uses the panel data of China's outward foreign direct investment stock and ARDA religion data sets,and construct a gravity model to study the effect of religious beliefs on China 's OFDI. The empirical results show that the religious diversity of the host country has a positive effect on China's OFDI,but the religious similarity between China and the host country has no significant positive effect on China 's OFDI. And this conclusion persists after using the religious variables matched by the religious structure of 1900 and the genetic distance between China and the host country in 1500 as IV to correct the possible endogeneity. At the same time,the results of the robustness test using the control of the conduction variables and the removal of the financial crisis also support above result. In the further mechanism test also found that religious beliefs may act on OFDI by choosing preference effects,inter-trust effects,and institution-mediated effects. The article not only enriches the research on the relationship between religious beliefs and foreign direct investment,but also deals with the endogenous problems that may exist between religious beliefs and foreign direct investment. In addition,the article also systematically reveals the mechanism of religious beliefs affecting foreign direct investment, which helps to understand the investment location selection and spatial distribution of Chinese enterprises in the process of foreign direct investment from the cultural aspect,and has important and clear policy implications for the government to formulate public foreign policy and enterprise's "going out"investment.
Since the reform and opening up,the level of China's opening to the outside world has been deepened. At the same time,the scale and quantity of overseas investment in China has also continued to rise,and has become an important engine for economic growth. With the background of the continuous improvement of transportation has caused the geographical distance to reduce the impact on overseas investment,and the influence of host country culture and system on investment has been continuously improved,especially the host country's religious culture has become an important factor affecting the investment countries' overseas investment,China's enterprises are paying more and more attention to the religious and cultural issues of the host country in the process of making foreign investment. However,there are few studies on the relationship between religion and investment. Although some related studies have promoted people's understanding of the role of religious belief in the investment process,they still have some defects. For example,these studies often replace the religious beliefs of a country with the largest religious group,thus ignoring the fact that there is religious diversity within a country,and leading to biased research conclusions. In addition,these studies lack sufficient consideration of the endogeneity between religion and investment,and the mechanism of action and economic consequences of religious influence on investment have not been systematically studied. Therefore,this paper uses the panel data of China's outward foreign direct investment stock and ARDA religion data sets,and construct a gravity model to study the effect of religious beliefs on China 's OFDI. The empirical results show that the religious diversity of the host country has a positive effect on China's OFDI,but the religious similarity between China and the host country has no significant positive effect on China 's OFDI. And this conclusion persists after using the religious variables matched by the religious structure of 1900 and the genetic distance between China and the host country in 1500 as IV to correct the possible endogeneity. At the same time,the results of the robustness test using the control of the conduction variables and the removal of the financial crisis also support above result. In the further mechanism test also found that religious beliefs may act on OFDI by choosing preference effects,inter-trust effects,and institution-mediated effects. The article not only enriches the research on the relationship between religious beliefs and foreign direct investment,but also deals with the endogenous problems that may exist between religious beliefs and foreign direct investment. In addition,the article also systematically reveals the mechanism of religious beliefs affecting foreign direct investment, which helps to understand the investment location selection and spatial distribution of Chinese enterprises in the process of foreign direct investment from the cultural aspect,and has important and clear policy implications for the government to formulate public foreign policy and enterprise's "going out"investment.
引文
陈冬华、胡晓莉、梁上坤、新夫,2013,“宗教传统与公司治理”,《经济研究》,第9期,第71-84页。
郭云南、王春飞,2017,“本土宗教、宗族网络与公共财政”,《经济学(季刊)》,第2期,第833-858页。
黄新飞、翟爱梅、李腾,2013,“双边贸易距离有多远?---一个文化异质性的思考”,《国际贸易问题》,第9期,第28-36页。
黄新飞、关楠、翟爱梅,2014,“遗传距离对跨国收入差异的影响研究:理论和中国的实证分析”,《经济学(季刊)》,第4期,第1127-1146页。
乐君杰、叶含,2012,“农民信仰宗教是价值需求还是工具需求?---基于CHIPs数据的实证检验”,《管理世界》,第11期,第67-76页。
李摇琴、徐细雄,2016,“宗教传统、制度环境与地区官员腐败”,《南方经济》,第10期,第38-53页。
阮荣平、刘力、郑风田,2016,“人力资本投资:宗教信仰重要吗?”,《经济学(季刊)》,第4期,第1329-1350页。
阮荣平、郑风田、刘力,2014,“信仰的力量:宗教有利于创业吗?”,《经济研究》,第3期,第171-184页。
阮荣平、郑风田、刘力,2014,“宗教信仰与社会冲突:根源还是工具?”,《经济学(季刊)》,第2期,第793-816页。
谢若龄、吴必虎,2016,“30年境内外宗教旅游研究综述”,《旅游学刊》,第1期,第111-125页。
郑长德、单德朋,2011,“族群多样性与经济增长---基于经济学视角的综述”,《民族学刊》,第5期,第56-61+93页。
郑昊力,2014,“信任的测度”,《南方经济》,第7期,第100-105页。
Alesina,A.,A.Devleeschauwer,W.Easterly,S.Kurlat and R.Wacziarg,2003,“Fractionalization”,Journal of Economic Growth,8(2):155-194.
Barro,R.and R.Mc Cleary,2003,“Religion and Economic Growth Across Countries”,American Sociological Review,68(5):760-781.
Baldwin,R.and D.Taglioni,2006,“Gravity for Dummies and Dummies for Gravity Equations”,CEPR Discussion Paper No.5850.
Cavalli-Sforza,L.,P.Menozzi and A.Piazza,1994,“The History and Geography of Human Genes”,Princeton University Press.
Dolansky,E.and I.Alon,2008,“Religious Freedom,Religious Diversity and Japanese Foreign Direct Investment”,Research in International Business and Finance,22(1):29-39.
Esteban,J.M.and D.Ray,1994,“On the Measurement of Polarization”,Econometrica,62(4):819-851.
Eaton,J.,and A.Tamura,1994,“Bilateralism and Regionalism in Japanese and U.S.Trade and Direct Foreign Investment Patterns”,Journal of the Japanese&International Economies,(8):478-510.
Fourie,J.,J.Rosello and M.Santana-Gallego,2014,“Religion,Religious Diversity and Tourism”,Stellenbosch Economic Working Paper:09/14.
Gorodnichenko,Y.and G.Roland,2010,“Culture,Institutions and the Wealth of Nation”,NBER Working Paper.Guo,R.X.,2004,“HowCulture Influence Foreign Trade:Evidence from the U.S.and China”,The Journal of Socio-Economics,33(6):785-812.
Guo,R.X.,2007,“Linguistic and Religious Influences on Foreign Trade:Evidence from East Asia”,Asian Economic Journal,21(1):101-121.
Guiso,L.,P.Sapienza and L.Zingales,2003,“People’s opium?Religion and Economic Attitude”,Journal of Monetary Economics,50(1):225-283.
Guiso,L.,P.Sapienza and L.Zingales,2009,“Cultural Biases in Economic Exchanges?”,Quarterly Journal of Economics,124(3):1095-1131.
Greif,A.,1994,“Cultural Beliefs and the Organization of Society:A Historical and Theoretical Reflection on Collectivist and Individualist Societies”,Journal of Political Economy,102(5):912-950.
Gruber,J.,2005,“Religious Market Structure,Religious Participation and Outcomes:Is Religion Good For You?”,NBER Working Paper.Helble,M.,2007,“Is God Good for Trade?”,Kyklos,60(3):385-413.
Hergueux,J.,2011,“Howdoes Religion Bias the Allocation of Foreign Direct Investment?The Role of Institutions”,International Economics,128(4):53-76.
Iannaccone,L.,1997,“Introduction to the Economics of Religion”,Journal of Economic Literature,36(3):1465-1495.
Kleiner,J.and F.Toubal,2010,“Gravity for FDI”,Reviewof International Economics,18(1):1-13.
Lee,C.W.,2013,“Does Religion Affect International Trade in Services more than Trade in Goods?”,Applied Economics Letters,20(10):998-1002.
Lee,C.W.and S.Park,2015,“Does Religious Similarity Matter in International Trade in Services?”,World Economy,39(3):294-299.
Lewer,J.J.and H.V.D.Berg,2007,“Religion and International Trade:Does the Sharing of a Religious Culture Facilitate the Formation of Trade Network?”,American Journal of Economics&Sociology,66(4):765-794.
McGuire,S.T.,T.C.Omer and N.Y.Sharp,2012,“The Impact of Religion on Financial Reporting Irregularities”,Accounting Review,87(2):645-673.
Mina,W.,2014,“But Most of All We Love Each Other:Does Social Cohesion Pay off?Evidence from FDI Flows to Middle Income Countries”,International Center for Pulicy Working Paper,14-24.
Montalvo,J.G.and M.Reynal-Querol,2005,“Ethnic Diversity and Economic Development”,Journal of Development Economics,76(2):293-323.
Montalvo,J.G.and M.Reynal-Querol,2005,“Ethnic Polarization,Potential Conflict and Civil Wars”,American Economic Review,95(3):796-816.
Noland,M.,2005,“Religion and Economic Performance”,World Development,33(8):1215-1232.
Spolaore,E.and R.Wacziarg,2009,“The Diffusion of Development”,Quarterly Journal of Economics,124(2):469-529.
Stark,R.and R.Finke,2000,“Acts of Faith:Explaining the Human Slide of Religion”,Berkeley:University of California Press.
Weber,M.,1930,“The Protestant Ethic and the Spirits of Capitalism”,London,Allen&Unwin.
Williamson,O.E.,2000,“The NewInstitutional Economics:Taking Stock,Looking Ahead”,Journal of Economic Literature,38(3):595-613.
(1)本文的地理距离为动态地理距离,数据由东道国首都与中国首都之间的球面距离和东道国当地基础设施的完善程度(用航空运输量占国内生产总值的比值来表示)组成,前者的数据来源于CEPII数据库,后者数据来源于世界银行基础设施数据库。本文将二者的乘积作为地理距离变量。
(1)考虑到篇幅限制,相关多重共线性检验、单位根检验和面板序列相关性检验的结果在文中不再附上,感兴趣的读者可以联系作者询要。
(1)即若东道国最大宗教群体为基督教,则取值为1,否则为0。以此类推,若东道国最大宗教群体为犹太教,则取值为1 ,否则为0;东道国最大宗教群体为伊斯兰教,则取值为1,否则为0;东道国最大宗教群体为佛教,则取值为1,否则为0;东道国最大宗教群体为印度教,则取值为1,否则为0。
郭云南、王春飞,2017,“本土宗教、宗族网络与公共财政”,《经济学(季刊)》,第2期,第833-858页。
黄新飞、翟爱梅、李腾,2013,“双边贸易距离有多远?---一个文化异质性的思考”,《国际贸易问题》,第9期,第28-36页。
黄新飞、关楠、翟爱梅,2014,“遗传距离对跨国收入差异的影响研究:理论和中国的实证分析”,《经济学(季刊)》,第4期,第1127-1146页。
乐君杰、叶含,2012,“农民信仰宗教是价值需求还是工具需求?---基于CHIPs数据的实证检验”,《管理世界》,第11期,第67-76页。
李摇琴、徐细雄,2016,“宗教传统、制度环境与地区官员腐败”,《南方经济》,第10期,第38-53页。
阮荣平、刘力、郑风田,2016,“人力资本投资:宗教信仰重要吗?”,《经济学(季刊)》,第4期,第1329-1350页。
阮荣平、郑风田、刘力,2014,“信仰的力量:宗教有利于创业吗?”,《经济研究》,第3期,第171-184页。
阮荣平、郑风田、刘力,2014,“宗教信仰与社会冲突:根源还是工具?”,《经济学(季刊)》,第2期,第793-816页。
谢若龄、吴必虎,2016,“30年境内外宗教旅游研究综述”,《旅游学刊》,第1期,第111-125页。
郑长德、单德朋,2011,“族群多样性与经济增长---基于经济学视角的综述”,《民族学刊》,第5期,第56-61+93页。
郑昊力,2014,“信任的测度”,《南方经济》,第7期,第100-105页。
Alesina,A.,A.Devleeschauwer,W.Easterly,S.Kurlat and R.Wacziarg,2003,“Fractionalization”,Journal of Economic Growth,8(2):155-194.
Barro,R.and R.Mc Cleary,2003,“Religion and Economic Growth Across Countries”,American Sociological Review,68(5):760-781.
Baldwin,R.and D.Taglioni,2006,“Gravity for Dummies and Dummies for Gravity Equations”,CEPR Discussion Paper No.5850.
Cavalli-Sforza,L.,P.Menozzi and A.Piazza,1994,“The History and Geography of Human Genes”,Princeton University Press.
Dolansky,E.and I.Alon,2008,“Religious Freedom,Religious Diversity and Japanese Foreign Direct Investment”,Research in International Business and Finance,22(1):29-39.
Esteban,J.M.and D.Ray,1994,“On the Measurement of Polarization”,Econometrica,62(4):819-851.
Eaton,J.,and A.Tamura,1994,“Bilateralism and Regionalism in Japanese and U.S.Trade and Direct Foreign Investment Patterns”,Journal of the Japanese&International Economies,(8):478-510.
Fourie,J.,J.Rosello and M.Santana-Gallego,2014,“Religion,Religious Diversity and Tourism”,Stellenbosch Economic Working Paper:09/14.
Gorodnichenko,Y.and G.Roland,2010,“Culture,Institutions and the Wealth of Nation”,NBER Working Paper.Guo,R.X.,2004,“HowCulture Influence Foreign Trade:Evidence from the U.S.and China”,The Journal of Socio-Economics,33(6):785-812.
Guo,R.X.,2007,“Linguistic and Religious Influences on Foreign Trade:Evidence from East Asia”,Asian Economic Journal,21(1):101-121.
Guiso,L.,P.Sapienza and L.Zingales,2003,“People’s opium?Religion and Economic Attitude”,Journal of Monetary Economics,50(1):225-283.
Guiso,L.,P.Sapienza and L.Zingales,2009,“Cultural Biases in Economic Exchanges?”,Quarterly Journal of Economics,124(3):1095-1131.
Greif,A.,1994,“Cultural Beliefs and the Organization of Society:A Historical and Theoretical Reflection on Collectivist and Individualist Societies”,Journal of Political Economy,102(5):912-950.
Gruber,J.,2005,“Religious Market Structure,Religious Participation and Outcomes:Is Religion Good For You?”,NBER Working Paper.Helble,M.,2007,“Is God Good for Trade?”,Kyklos,60(3):385-413.
Hergueux,J.,2011,“Howdoes Religion Bias the Allocation of Foreign Direct Investment?The Role of Institutions”,International Economics,128(4):53-76.
Iannaccone,L.,1997,“Introduction to the Economics of Religion”,Journal of Economic Literature,36(3):1465-1495.
Kleiner,J.and F.Toubal,2010,“Gravity for FDI”,Reviewof International Economics,18(1):1-13.
Lee,C.W.,2013,“Does Religion Affect International Trade in Services more than Trade in Goods?”,Applied Economics Letters,20(10):998-1002.
Lee,C.W.and S.Park,2015,“Does Religious Similarity Matter in International Trade in Services?”,World Economy,39(3):294-299.
Lewer,J.J.and H.V.D.Berg,2007,“Religion and International Trade:Does the Sharing of a Religious Culture Facilitate the Formation of Trade Network?”,American Journal of Economics&Sociology,66(4):765-794.
McGuire,S.T.,T.C.Omer and N.Y.Sharp,2012,“The Impact of Religion on Financial Reporting Irregularities”,Accounting Review,87(2):645-673.
Mina,W.,2014,“But Most of All We Love Each Other:Does Social Cohesion Pay off?Evidence from FDI Flows to Middle Income Countries”,International Center for Pulicy Working Paper,14-24.
Montalvo,J.G.and M.Reynal-Querol,2005,“Ethnic Diversity and Economic Development”,Journal of Development Economics,76(2):293-323.
Montalvo,J.G.and M.Reynal-Querol,2005,“Ethnic Polarization,Potential Conflict and Civil Wars”,American Economic Review,95(3):796-816.
Noland,M.,2005,“Religion and Economic Performance”,World Development,33(8):1215-1232.
Spolaore,E.and R.Wacziarg,2009,“The Diffusion of Development”,Quarterly Journal of Economics,124(2):469-529.
Stark,R.and R.Finke,2000,“Acts of Faith:Explaining the Human Slide of Religion”,Berkeley:University of California Press.
Weber,M.,1930,“The Protestant Ethic and the Spirits of Capitalism”,London,Allen&Unwin.
Williamson,O.E.,2000,“The NewInstitutional Economics:Taking Stock,Looking Ahead”,Journal of Economic Literature,38(3):595-613.
(1)本文的地理距离为动态地理距离,数据由东道国首都与中国首都之间的球面距离和东道国当地基础设施的完善程度(用航空运输量占国内生产总值的比值来表示)组成,前者的数据来源于CEPII数据库,后者数据来源于世界银行基础设施数据库。本文将二者的乘积作为地理距离变量。
(1)考虑到篇幅限制,相关多重共线性检验、单位根检验和面板序列相关性检验的结果在文中不再附上,感兴趣的读者可以联系作者询要。
(1)即若东道国最大宗教群体为基督教,则取值为1,否则为0。以此类推,若东道国最大宗教群体为犹太教,则取值为1 ,否则为0;东道国最大宗教群体为伊斯兰教,则取值为1,否则为0;东道国最大宗教群体为佛教,则取值为1,否则为0;东道国最大宗教群体为印度教,则取值为1,否则为0。