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随着中国的全球化进程不断加深,海外华人网络作为一项在东道国的重要关系资产越来越受到重视。本文基于2008~2013年53个国家的海外华人存量数据与中国对外投资宏观的国家数据,考察了海外华人网络对中国对外投资的影响及异质性,并利用Bootstrap中介检验方法检验了海外华人网络对中国对外投资的影响途径。研究发现,总体上,海外华人网络作为与东道国文化交流的重要纽带,对中国的对外投资产生了积极影响,上述结论在控制了内生性问题后依然稳健。进一步,通过中介效应检验,发现文化距离的中介效应显著,海外华人网络会通过降低中国与东道国之间的文化差异间接促进中国对外投资。同时发现,海外华人网络对中国对外投资的影响在不同东道国存在显著异质性,在文化差异大和制度质量低的东道国,海外华人网络的正向作用更明显。
With the deepening of globalization in China, overseas Chinese networks are gaining more and more attention as assets of great importance in the host country. Based on the data of overseas Chinese stocks in 53 countries from 2008 to 2013 and macro data of China’s foreign investment, this paper examines the impact and heterogeneity of overseas Chinese networks on China’s foreign investment and examines the overseas Chinese network using Bootstrap intermediary test Impact on China’s Foreign Investment. The study finds that, on the whole, Overseas Chinese Network, as an important link with the host country’s cultural exchange, has had a positive impact on China’s overseas investment. The above conclusion remains robust after controlling for endogenous issues. Further, through the intermediary effect test, it is found that the intermediary effect of cultural distance is significant. Overseas Chinese networks indirectly promote China’s outward investment by reducing the cultural differences between China and the host country. At the same time, it is also found that the overseas Chinese network’s influence on China’s foreign investment is significantly heterogeneous in different host countries. In the host countries with large cultural differences and low system quality, the overseas Chinese network plays a more positive role.