文化差异对美国在华直接投资的影响

论文总字数：28207字

摘 要

外商投资是世界经济交往活动中的重要方式之一。随着经济全球化和一体化发展的加快，国际生产要素的流动也愈加频繁，外商直接投资在国际经济和贸易发展中的作用也日益突显。中国自改革开放以来，吸引了各国对华的投资。美国作为世界经济大国之一，对中国的直接投资增势明显。然而，中美间的文化差异着实不小，对美国在华直接投资时的投资模式，选择区域以及投资力度有着不可忽视的影响。本文从以上三方面，结合实际情况对美国在华直接投资中文化差异的影响进行分析。

关键词：直接投资; 投资模式; 文化差异

Contents

1. Introduction………………………………………………………………….1

2. Literature Review…………………………………………………………...1

3. The Definitions ……………………………………………...……………....2

3.1 The definition of culture…………………………………………………….2

3.2 The definition of FDI …………….……………………………………........3

4. The Effects of Cultural Differences………………………….....……….….4

4.1 The effects in modes…………………………………...……………………4

4.2 The effects in areas……………….…………………….…………………...5

4.3 The effects in degrees…………….……………….......…………………….6

5. The Solutions…………………………………………..…………………….7

5.1 Make flexible strategies……………………………………………………..7

5.2 Respect other country’s culture……………………………….….……….....8

5.3Adapt different cultures……………...……………………………...……….9

6. Conclusion……………………………………………………………..…...10

Works Cited…………………………………………………………………...12

1. Introduction

Influenced by the development of economic globalization and integration, the international trade has developed very well. Recently researches on the factors that affect FDI have aroused concerns of scholars over the world. Many scholars have paid attention to 问题时，大多高度重视的是GDP、投资政策、劳动力和自然资源等等因素的作用，而忽视了文化因素对本国吸引外商直接投资的影响。一方面是因为文，t属于非正式制度，属于意识形态范畴，很难从定量的角度来分析；另一方面是由于在经济全球化的环境下，国与国之间的合作交流越来越多，为了更好的发展经济，引进外资，各国均采取了积极的政策。所以更多的学者认为，我国外商直接投资的增多是政策和经济等因素的作用GDP, investment policies, labor, natural resources and other factors, while ignored the impacts of culture. For example, due to the environment of economic globalization, product factors’ exchanging is getting more and more frequent between nations, and many people think the economy’s effects are more than the culture’s effects. For the better development of economy, the better introduction of foreign capital, many countries have taken positive policies. Therefore, more scholars believe that policy and economic are the reasons of the increasing of foreign direct investment in China. Cultures belong to informal system, belong to the category of ideology and are difficult to analyze from the quantitative point of view, so many people ignored the effects of cultural differences.

In the international economy and trade, there are cultural differences between different regions, so for the better international cooperation, we need effective cultural exchange and communication. As a form of international trade, foreign investment plays a more and more important role in the world economic activities. With the deepening of China’s reform and opening up policy, foreign countries’ investments in China have become more popular since 1992. And the speed of American’s direct investments in China is getting faster and faster. It’s important for us to have a clear idea about the effects of cultural differences in American’s direct investments, for America is one of the countries with highest proportion of direct investments in China.

2. Literature Review

As the proportion of American’s direct investments in China is becoming more and more heavy, many scholars have studied the current condition of American’s direct investments in China. And some of them noticed the cultural differences’ effects. Gu Guoda and Zhang Zhengrong found that cultural differences will result in different senses of identity, and this will affect the investors’ decisions. Johanson and Vahlne found that when foreign countries come into other countries, the psychic distance would affect their entry to foreign markets, and countries with the similar cultural background will do more business than with total different cultures. (Johanson. J 10)

For a country’s development, FDI is really important, so cultural differences’ effects in FDI can’t be ignored. Stephen Herbert Hymer thinks that when make FDI, people should consider weather they could adapt the local culture, and from this sentence, we can find it’s really important to figure out the cultural differences between countries and then try to solve the problems that caused by the differences. America and China have really different cultures, we should clear these differences and their effects to make further cooperation between US and China. Combined with the previous researches, this paper will analyze the cultural differences in American’s direct investment in China.

3. The Definitions

To analyze concrete cultural differences’ effects in American’s direct investments in China, we should clear the meanings of culture and foreign direct investment first. And then make specific analysis according to cultural differences. Here are the definitions of culture and FDI.

3.1 The definition of culture

What’s culture, culture may mean very many things and is hard to define because people have different opinions. There are 164 different definitions of culture between 1881 and 1957. Some people conceptualize culture as ethnic identity or nationality, some conceptualize culture in terms of the events, celebrations, foods, and music of a group of people.

According to the University of Minnesota’s Center for Advanced Research on Language Acquisition: culture can be defined as the shared patterns of behaviors and interactions, cognitive constructs, and affective understanding that is learned through a process of socialization. These shared patterns identify the members of a culture group while also distinguishing those of another group. (许勤华 4) Another definition is proposed by David Brown, he thinks that culture is to give answers to the issues raised in daily life, such as what to eat, what to wear, how to greet friends, how to deal with works, and so on.

The easiest definition of culture is that culture is the total accumulation of beliefs, customs, values, behaviors, institutions and communication patterns that are shared, learned and passed down through the generation in an identifiable group of people, and many Chinese scholars agree with this definition. The most famous and often cited work for classifying culture patterns is the research by the Dutch organizational anthropologist Hofstede. In his original work, he thinks the culture is defined as: a completed system including knowledge, faith, law, morality, custom, and all the abilities and habits from which asocial member would acquire. ( Edward Burnett Tylor, 2).

Culture is a kind of special resource in the social economic development, and has great impacts in the international trade. It’s meaningful to make researches on the cultural differences’ effects in economic activities.

3.2 The definition of FDI

With the deepening of economic globalization, the world becomes smaller and international investment has taken place of traditional international trade, and has become an important part of economic globalization. International investment is distinguished as three kinds including direct investment, portfolio investment and other investment.

Foreign Direct Investment (FDI) is an important form of international financial transactions, and also an important way of the introduction of foreign investment in China. The use of foreign capital is expanding, this phenomenon shows the economy’s growth, but also means the improvement of a country"s balance of payments. Direct investment and portfolio investment are all expected to bring investors with assets income, but they have a substantial difference: direct investment is the combine of capital’s owner and user, and has the right to decide how to use the capital. Foreign direct investment is usually in form of productive factory and has physical goods; while in portfolio investment, the capital’s owners and users are not the same, investors have no right to control the company. Their final aim is to get their capital gained or assets maintained.

The definition of foreign direct investment can be simply described as investment in buildings, machineries and equipments. With the development of global investment, the definition of FDI includes the acquisition of a lasting management interest in a company outside the investing firm’s home country. The key points in the definition are the flowing of productive factors and the aim of FDI is to get control of foreign enterprises. This is also the biggest difference between direct investment and portfolio investment.

FDI is a major role in international trade. Since it can not only provide the investing firm with mew market and marketing channels, but also enable investing firm to utilize their firm-specific assets. Besides these, FDI is a facility for the full integration of markets for goods and services.

Culture and foreign direct investment are two important factors in a country’s development. The cultural differences’ effects in foreign direct investment should be analyzed to promote a country’s economy.

4. The effects of cultural differences

With the cognition of the role FDI and culture played in international trade, it’s necessary to study the relation between them. Here are some concrete performances of cultural differences in American’s direct investment in China.

4.1 The effects in investment models

Foreign direct investment can be divided into seven types: Equity joint ventures, Contractual joint ventures, Wholly foreign-owned enterprises, Shared company with foreign investment, Foreign invested holding company, Joint exploitation, New types of foreign investment. Due to different cultures, foreign businessman will pay attention to the cultural differences in order to make the right decisions. And Padmanabhan and Cho found that when the culture difference is really large, investing countries will prefer wholly foreign-owned company.

Before the 1970s, the cultural environment of China was still closed and limited the entry of foreign direct investment. When American wanted to make investment in China, they should have franchise to enter the market at that time. With the implement of China’s reform and opening up policy in 1978, China’s culture was different from the past, and willing to accept the entry of foreign capital. But the form of foreign investment’s entry should suit Chinese national condition. In fact, China’s economy is under the control of government, this is affected by culture. So American’s direct investment should be allowed by government. In the 1980s, some equity joint ventures occurred, such as China Hewlett-Packard Development Company, L.P and Beijing Jeep Co., Ltd. The two companies all have many negotiations with China’s government for their establishments.

Since China’s culture made Chinese prefer high concentration of power in the country while America’s cultural emphasize freedom and rule. So China would not accept wholly foreign-owned companies. After 1990s, with the deepening of reform and policy, the cultural and economic environment became more free, American make direct investment more free too. They would prefer wholly foreign-owned enterprises for they can manage the company freely. Minnesota Miners Manufacture Corporation and Microsoft China established during this time. They are both under the direct control of America and can not be interfered by others.

The proportion of American’s direct investment in China becomes larger and the investment models are changed from limited equity joint ventures to more different styles. For better development, some American wholly owned companies found subsidiary corporation that cooperate with Chinese, such as Johnsonamp; Johnson. Xian~Janssen Pharmaceutical Ltd, is the biggest equity joint venture and is the subsidiary corporation of Johnsonamp; Johnson. The set of the company is conformed to the change of Chinese culture: Chinese have strong will to make business with foreigners.

4.2 The effects in investment’s areas

After 1992, FDI has entered into China largely and quickly. While in the east and west, the conditions of FDI are quite different. According to the data released by the National Bureau of statistics, 85% of the foreign direct investments are concentrated in the eastern coastal provinces and cities, and the proportion of investments in the western regions is less than 15%. Many scholars found this difference and scholars like Head, K, and J. Ries, Gong had made researches on this. This part will analyze the difference in the point of culture.

Citibank belongs to Citigroup Inc and is an American wholly owned company. It entered China in 2007, and only in 14 countries. But most of them are in the east, only 3 western countries have Citibank. When Americans make direct investment in China, they will take the level of local education into consideration, because they want to make sure the support of qualified people. While due to the different urban and cultural development, the eastern people pay more attention to the education and the western don’t have a clear idea about the importance of education. The difference made American prefer to make investment in the east for the east country can attract more talents than the west.

Besides, the degree and time of government’s policy to allow FDI in the east and west are different. The area that gets the preferential policies will have great advantages in attracting foreign direct investment. For example, the east countries like Shenzhen, Zhuhai and Shantou are the first several countries to accept foreign direct investment, and as a result the culture in the east is more free and open than the west, so American like making investment in the east more.

The Chinese government has strengthened investments in the west and provided many preferential policies for the entry of foreign direct investments recent years. And with the development of western people’s mind, the western cultural environment became comparatively looser. So American pays more attention to the investments in the west. But the difference between west and east still exist.

4.3 The effects in investment’s degrees

The proportion of American’s direct investment in Europe and Canada is 76.5%， while the proportion in China is only 10% in 2007. Johanson and Vahlne found that as a part of culture, the psychic distance will affect the quantity of economic activities in another country. So the investment’s degree is different.

Wal-Mart Stores, Inc is an example to show the cultural differences’ effect in investment degree. After its establishment in America and several year’s development, American started its foreign direct investment. With the similar culture, the shopping habits and shopping preferences are similar too between Mexico and America. So the first foreign Wal-Mart is in Mexico, and the amount was 907 in 2009. While condition is differ from the condition in China. For the different shopping behaviors, such as the western people will look for their aim goods directly, while Chinese will compare the price, the quality even the appearance of goods. And Chinese will buy not only the aim goods, but also some relative goods so American should make enough market researches for these differences, the first Wal-Mart Store in China was established 5 years later than in Mexico and the degree is also different as there were only 159 stores in China in 2009, much less than in Mexico.

The cultural differences really have many effects in American’s direct investment in China. Besides the three aspects above, there are still effects in other aspects like in investments’ industries.

5. The solutions

As an important factor in FDI, cultural differences will bring foreign direct investing countries with different risks and obstacles. I从而做出合乎理性的决策。在投资环境中，文化是一个十分重要的因素。在不同的文化背景下进行投资，必然会面临来自不同文化体系得文化摩擦与碰撞。由于文化差异会给外资企业的投资经营带来一定的投资风险与经营阻碍，因此文化因素是跨国投资值得考虑的n order to make rational decision, the investment environment of the host country must be specific analyzed and evaluated before investors making foreign investment. And FDI is so important for a country’s development, we should pay more attention to the effects of cultural differences. Below are some countermeasures to solve the effects of cultural differences

5.1 Make flexible strategies

Investment strategy means that according to different needs and abilities to bear risks, investing countries make different preparations and managements. The use of flexible strategies can help investing countries enter the different markets easier and be accepted quicker.

Wal-Mart Store is a good example that makes flexible strategies. When it’s first coming to China, the competitiveness in retail market was small, and Chinese were curious about the different kind store, so there were no much influence to use the same strategy as in America at first. To meet the different shopping behaviors, Walmart made many surveys on Chinese hobbies and changed its strategies. For example, wlamart divided a relative large area for electronic sale while in America, it only provided one or two shelves for the electronic sale. Besides, walmart in China also changed its goods origin, not just cooperate with fixed suppliers, but accept local suppliers.

The use of flexible strategies can help a country to be accepted more easily and successfully completed investment projects when it is directly invested in other countries. To solve the cultural differences’ effects in foreign direct investment, the investor should make flexible strategies according to different cultural customs.

5.2 Respect other country’s culture

Culture is a national record of civilization, a country’s rise and fall are a part of culture. Every country’s couture has its positive and negative aspects, people should have a clear understanding of the cultural connotation. People should not have any bad ideas about culture as culture is the sum of human development. Every kind of national culture is worth being looked up and respected.

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