基于文化距离视角的美国OFDI区位选择研究

基于Hofstede文化维度理论和世界价值观调查数据，测度了基于KSI、EDI、WVS的3种文化距离（cultural distance,CD），结合美国对52个东道国（地区）的直接投资及各项控制指标数据，使用面板校正标准误差（panel correction standard error,PCSE）模型进行分析，结果显示，CD与美国对外直接投资（outward foreign direct investment，OFDI）并非呈现简单的正负向关系，而可能存在门槛效应。通过Hansen门槛回归模型进一步考察了二者的内在作用机制，结果显示，CD通过了单门槛检验，即CD对美国OFDI存在门槛效应；当CD小于门槛值时，其作为正向因子积极促进美国OFDI，一旦CD超过门槛值，美国OFDI将显著减少。同时对“外来者劣势”和“外来者收益”二者关系的解释说明，CD与美国OFDI呈倒U型关系；CD较大时对美国OFDI的阻碍作用远大于CD较小时对其的促进作用，体现了美国OFDI对CD的敏感性。

Location choice of the United States OFDI based on cultural distance perspective

Based on Hofstede's cultural dimension theory and the data from World Values Survey(WVS),three cultural distances (CD),i.e.KSI,EDI and WVS were measured.Combined with the United States outward direct investment and control index data of 52 host countries (regions),the panel correction standard error (PCSE) model was applied.The analysis shows that the correlation between the CD and the US OFDI is not simply positive or negative,and there may exist a threshold effect.Therefore,the internal mechanism is further investigated by adopting the Hansen threshold regression model.The results show that the CD has passed the single threshold test and has a threshold effect on the US OFDI;When the CD is less than the threshold,the CD acts as a positive factor to promote the US OFDI.Once it exceeds the threshold,the US OFDI will be significantly reduced,revealing that the CD and the US OFDI exhibit an inverted U-shaped relationship,and the relationship between the "outsider income" and "outsider disadvantage" is explained by the interaction. When CD is large,the hindrance effect on the US OFDI is far greater than the promotion effect when the CD is small,which indicates the sensitivity of the US OFDI to CD.