论文部分内容阅读
文化作为一种非正式制度对经济活动具有重要影响。与外国投资者相比,来自港澳台地区的合资企业由于天然具有种族、血缘关系的文化亲近优势,理应具有更为稳定的合作关系。然而,我们诧异地发现文化亲近性不仅没有为港澳台投资者与当地企业之间带来更为长久的合作关系,而且港澳台合资企业的合作关系更有可能因为合作冲突而发生破裂。针对这一令人诧异的发现,本文基于正式制度与文化之间的互补性,证实了文化的作用很大程度上依赖于地区制度环境状况。在制度质量相对低下的地区,港澳台合资企业更有可能发生独资化,并且该现象在契约密集型行业尤其突出。考虑不同制度衡量指标、外资控股地位、合资对象所有制差异后,该结论都相当稳健。本文研究的重要启示是,虽然文化对经济活动起到了润滑剂作用,但其功能归根到底仍然取决于正式制度环境的质量。
As an informal system, culture has an important influence on economic activities. Compared with foreign investors, joint ventures from Hong Kong, Macao, and Taiwan regions have a more stable relationship due to their natural ethnic and kinship cultural proximity. However, we were surprised to find that cultural affinity not only did not bring about longer-term cooperation between Hong Kong, Macao and Taiwan investors and local companies, but also that the cooperative relationship between Hong Kong, Macao and Taiwan joint ventures was more likely to break down due to cooperation conflicts. In response to this bizarre discovery, this paper based on the complementarity between the formal system and culture, confirmed that the role of culture depends to a large extent on the regional institutional environment. In regions where the quality of the system is relatively low, Hong Kong, Macao and Taiwan joint ventures are more likely to have sole proprietorship, and this phenomenon is particularly prominent in contract-intensive industries. After taking into account the differences in system measurement indicators, foreign investment holding status, and the ownership of joint ventures, this conclusion is quite robust. The important lesson of this study is that although culture plays a role in lubricanting economic activity, its function still depends on the quality of the formal institutional environment.