2023 年是共建“一带一路”倡议提出 10 周年。十年来，高质量共建“一带一路”走深走 实，“一带一路”倡议成为全球跨度最大的国际合作平台，合作成果惠及各国人民。在中国“一 带一路”朋友圈不断扩大的同时，很多国家与中国在价值观、社会行为准则、宗教信仰等方 面存在着文化差异，造成国际互信基础不牢，给中国企业“走出去”带来挑战。加强中国文 化海外传播可以增强国家间民众的理解与互信，展现开放包容、负责任大国形象，为中国 企业“走出去”创造良好的舆论环境。在此背景下，面对严峻复杂的国际形势和世界经济下 行压力，如何通过中国文化海外传播，促进中国企业在“一带一路”国家对外直接投资，对 于高质量共建“一带一路”具有重要的理论和现实意义。 “一带一路”倡议实施以来，中国文化海外传播方式多元，通过文化贸易、人员交流、 公共外交、数字媒介等方式，有效提升了中国文化在“一带一路”沿线国家的吸引力、影响 力。同时，中国对“一带一路”沿线国家对外直接投资进入快速增长阶段，对外直接投资存 量不断扩大，2013-2022 年，中国对“一带一路”沿线国家直接投资额累计达 1800 多亿美元， 约占中国对外直接投资的 12%。中国企业对沿线国家投资流向较为集中，新加坡、越南、 巴基斯坦是投资主要目的国，集中在制造业、零售和批发、建筑业等行业，且绿地投资占 比较高。 母国文化吸引力是影响对外直接投资的重要因素。从多元化需求和降低信息搜寻成本 渠道，构建了文化吸引力影响企业对外直接投资行为的理论模型，并基于 2003-2019 年中 国文化吸引力和中国企业对“一带一路”国家的投资数据，从微观角度验证了文化吸引力对 中国企业对外直接投资的影响。实证结果表明，中国文化吸引力对企业对外直接投资具有 正向促进作用。异质性分析表明，文化吸引力对非儒家文化圈国家、新建项目具有明显促 进作用，而对儒家文化圈国家、扩建项目影响不大；从价值链环节看，文化吸引力对中国 企业各个价值链环节的投资均产生促进作用，但对上游环节投资更为显著。 文化海外传播效果直接影响对外直接投资效率。在综合文化贸易、人员交流、公共外 交、数字媒介维度构建和测算文化海外传播效果的基础上，将文化海外传播引入随机前沿 引力模型非效率项，基于 2008-2019 年数据，实证分析了文化海外传播效果对中国在“一带 一路”沿线国家投资效率的影响。实证结果表明，中国文化海外传播效果越好，中国对外直 接投资效率损失越少，对外直接投资效率越高。从传播方式看，文化贸易、人员交流和公 共外交维度对投资效率具有明显的促进作用。通过异质性检验发现，文化海外传播对海上 II 丝绸之路国家投资效率的促进作用强于陆上丝绸之路国家，对低语境国家的促进作用强于 高语境国家，显著促进了中国对东盟、东亚、中亚和独联体国家直接投资效率。 “一带一路”倡议提出以来，一系列支持中华文化走出去、助力中华优秀传统文化在海 外传播的政策相继出台。在构建文化海外传播政策对企业对外直接投资行为影响的理论模 型的基础上，以 2016 年《文化部“一带一路”文化发展行动计划(2016-2020 年)》这一文件 的出台为准自然实验，运用双重差分法实证检验了文化海外传播政策对中国企业在“一带一 路”沿线国家对外直接投资的政策效果。研究结果表明，“一带一路”文化海外传播政策的有 效实施促进了中国企业的对外直接投资，其平行趋势检验和安慰剂检验进一步证明了估计 结果的有效性。在投资目的国异质性上，对于高收入国家、低风险国家和海上丝绸之路国 家而言，“一带一路”文化海外传播政策对企业对外直接投资具有显著促进作用。 基于以上研究结论，从“有为”政府和“有效”市场两方面提出政策建议。一方面，通过 丰富文化传播内涵、搭建文化交流平台、完善海外传播政策等渠道，进一步推动“一带一路” 文化传播，提升中国文化的对外吸引力。另一方面，通过引导企业履行社会责任、开展人 文交流、因地制宜制定投资策略等方式，支持企业讲好中国故事，推动中国企业更好参与 高质量共建 “一带一路”。

The year 2023 marks the 10th anniversary of the Belt and Road Initiative. Over the past ten years, the high-quality Belt and Road cooperation has been deepened and practical, the Belt and Road Initiative has become the largest international cooperation platform in the world, and the results of cooperation have benefited people of all countries. While China's circle of friends along the "The Belt and Road" continues is expanding, there are cultural differences between many countries and China in terms of values, social codes of conduct, religious beliefs and other aspects, resulting in a weak foundation of international mutual trust and posing challenges to Chinese enterprises to go global. Strengthening the overseas communication of Chinese culture can enhance the understanding and mutual trust between the people of different countries, show the image of an open inclusive and responsible major country, and create a good public opinion environment for Chinese enterprises to go global. In this context, faced with the grim and complex international situation and downward pressure on the world economy, how to promote outward foreign direct investment by Chinese enterprises in the "The Belt and Road" countries through the overseas communication of Chinese culture has great theoretical and practical significance for the high-quality Belt and Road cooperation. Since the implementation of the Belt and Road Initiative, Chinese culture has been spread in various ways overseas. Through cultural trade, personnel exchanges, public diplomacy, digital media and other means, it has effectively enhanced the attraction and influence of Chinese culture in countries along the "The Belt and Road". At the same time, China's outward foreign direct investment in countries along the "The Belt and Road" continues has entered a rapid growth stage, and the stock of outward foreign direct investment continues to expand. From 2013 to 2022, China's OFDI in countries along the "The Belt and Road" has reached more than 180 billion US dollars, accounting for about 12 percent of China's outward foreign direct investment. The investment flow of Chinese enterprises to countries along the "The Belt and Road" is relatively concentrated, Singapore, Vietnam and Pakistan are the main investment IV destination countries, concentrated in manufacturing, retail and wholesale, construction and other industries, and the greenfield investment accounts for a relatively high proportion. The cultural attraction of the home country is an important factor affecting foreign investment. From the perspective of diversifying demand and reducing information search cost, this paper constructs a theoretical model on the influence of cultural attraction on enterprises' OFDI behavior. Based on the data of China's cultural attraction and Chinese enterprises' investment in the "The Belt and Road" countries from 2003 to 2019, this paper verifies the influence of cultural attraction on Chinese enterprises' OFDI from a micro perspective. The empirical results show that Chinese cultural attraction has a positive effect on the OFDI of Chinese enterprises. Heterogeneity analysis shows that cultural attraction plays an obvious role in promoting non-Confucian cultural circles and new projects, but has little effect on Confucian cultural circle countries and expansion projects. From the perspective of the value chain, cultural attraction promotes the investment of various value chain links of Chinese enterprises, but the investment in the upstream links is more remarkable. The effect of cultural overseas communication directly affects the efficiency of foreign investment. On the basis of constructing and measuring the effect of cultural overseas communication from the dimensions of cultural trade, personnel exchange, public diplomacy and digital media, this paper introduces cultural overseas communication into the non-efficiency item of the stochastic frontier gravity model. Based on the data from 2008 to 2019, this paper empirically analyzes the impact of cultural overseas communication effect on the efficiency of China's investment in countries along the "The Belt and Road". The empirical results show that the better effect of Chinese culture overseas communication, the less efficiency loss of China's OFDI, and the higher the efficiency of OFDI. From the perspective of communication mode, cultural trade, personnel exchange and public diplomacy have obvious promoting effects on OFDI efficiency. From the perspective of the region, the promotion effect of overseas cultural communication on the OFDI efficiency of the Maritime Silk Road countries is stronger than that of the Land Silk Road countries, and the promotion effect on the low-context countries is stronger than that on the high-context countries, significantly promoted the efficiency of China's outward foreign direct investment in ASEAN, East Asia, Central Asia and CIS countries. Since the Belt and Road Initiative was proposed, a series of policies have been introduced to support Chinese culture going global and promote the spread of fine traditional Chinese culture. On the basis of building a theoretical model of the impact of cultural overseas communication policies on enterprises' OFDI behavior, taking the《"The Belt and Road" Cultural Development Action Plan of the Ministry of Culture (2016-2020)》in the year of 2016 as the V quasi-natural experiment, this paper empirically tests the effect of cultural overseas communication policy on Chinese enterprises' outward foreign direct investment in the Belt and Road countries by using the differences-in-differences method. The results show that the effective implementation of the "The Belt and Road" culture overseas communication policy promotes the OFDI of Chinese enterprises, and the parallel trend test and placebo test further prove the validity of the estimated results. In terms of the heterogeneity of investment destination countries, for high-income countries, low-risk countries and countries along the Maritime Silk Road, the "The Belt and Road" cultural overseas communication policy has a significant promoting effect on Chinese enterprises' OFDI. Based on the above research conclusions, the paper puts forward policy suggestions from the two aspects of "promising" government and "efficient" market. On the one hand, through enriching the connotation of cultural communication, building cultural exchange platforms, improving overseas communication policies and other channels, we can further promote the "The Belt and Road" cultural communication and enhance the external attractiveness of Chinese culture. On the other hand, by guiding enterprises to fulfill their social responsibilities, carry out people-to-people exchanges, and formulate investment strategies in accordance with local conditions, we will support enterprises to tell China's story and promote Chinese enterprises to better participate in high-quality the Belt and Road cooperation.