跨区域新建投资如何跨越文化差异壁垒？——基于企业和企业家比较的视角

How does Cross-regional Investment Overcome Cultural Barriers? A Perspective on the Comparison of Enterprises and Entrepreneurs

《财经研究》2023年49卷第6期 页码：79 - 93 online：2023年6月3日

作者

中：陈思翀 , 王贤明

英：Chen Sichong, Wang Xianming

作者单位：中南财经政法大学 金融学院, 湖北 武汉 430073

摘要及关键词

摘要：谁来“保市场主体”？如何畅通内循环资本流动以及促进跨区域市场主体建设？文化差异等非经济因素在其中起着怎样的作用？为了回答这些问题，文章以我国上市公司2008—2019年跨区域设立市场主体的新建投资为研究样本，引入同时包含自然与社会属性的姓氏距离作为文化差异的代理变量，研究资本流出地与流入地间的文化差异对内循环资本流动中跨区域市场主体建设的影响。研究发现，相对于企业所在地区间的文化差异，企业家的文化背景差异对跨区域市场主体建设有着更为显著的影响，是阻碍内循环资本流动的一个重要因素。进一步研究还发现，双边信任不足是文化差异阻碍跨区域市场主体建设的重要机制，而良好的营商环境则能够抵消其不利影响。因此，只有拉近其与企业家之间的距离，增强双边信任，同时更加重视营商环境建设，才更有可能跨越地区文化差异的壁垒，加强跨区域市场主体的建设，打造内循环资本流动的国内大市场。

关键词：内循环资本流动；市场主体；跨区域新建投资；文化差异；双边信任；营商环境

Summary: Thanks to the support of macro policies and the efforts of micro market entities, the Chinese economy has shown strong resilience to the impact of COVID-19 epidemic since 2020. China proposes for the first time the policy of “ensure security in the six areas”, focusing on micro-market entities and “providing solid support for stabilizing growth and employment by developing and strengthening market entities”. Then, who is protecting market entities? How to promote the establishment of cross-regional market entities? What roles do non-economic factors such as cultural differences play in creating a unified national market for capital flow? In order to answer the above questions, based on the investment data of Chinese listed companies that established cross-regional market entities from 2008 to 2019 as research samples, this paper introduces surname distance, which includes both natural and social attributes, as a proxy variable for cultural differences, to examine the impact of cultural differences between the source and destination of capital flow on the cross-regional market entities in cross-regional capital flow. The results show that compared with the cultural differences between the regions where enterprises are located, the cultural background differences of entrepreneurs have a more significant impact on the establishment of cross-regional market entities, and are an important barrier to cross-regional capital flow. Further research also shows that the lack of bilateral trust is an important mechanism for cultural differences to hinder the establishment of cross-regional market entities, and a good business environment can offset its adverse effect to some extent. Therefore, only by narrowing the distance with entrepreneurs, enhancing bilateral trust, and paying more attention to the construction of business environment, can it be more likely to overcome the barriers of cultural differences in the establishment of cross-regional market entities and create a large unified domestic market for capital flows. The contributions of this paper are that: First, it focuses on China, a natural platform of institutional consistency, for the first time. On the basis of minimizing the potential impact of institutional differences and maintaining the net effect of cultural differences, it studies the impact of cultural differences on cross-regional investment. Second, it further compares the different roles of the cultural background of the regions where enterprises are located and the cultural background of entrepreneurs on cross-regional investment. The cultural background of “entrepreneurs” as the core of enterprises is the deeper reason that has a profound effect on corporate behavior. Third, it deeply explores the mechanism by which cultural differences affect cross-regional investment. In particular, from both theoretical analysis and empirical evidence, it is supported that bilateral trust is the main mechanism for cultural differences to affect cross-regional investment, while the strengthening of business environment can be used as a remedy.

Key words:cross-regional capital flow; market entity; cross-regional investment; cultural difference; bilateral trust; business environment

其他信息

DOI：10.16538/j.cnki.jfe.20220815.201

收稿日期：2022-04-02

基金项目： 国家自然科学基金项目（71973152）

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