摘要
传统“儒商精神”提倡要“以义取利”、关注利益相关者的利益和积极承担社会责任,一定程度上可以减少企业实施不道德的商业行为。本文以2006-2017年中国上市公司为研究对象,使用GLOBE文化习俗指数中的“社会导向的集体主义”“不确定性规避”“未来导向”作为度量儒家文化的替代指标,进而考察儒家文化对上市公司实施“隧道效应”的影响。结果发现:上市公司受到儒家文化的影响越大,实施的隧道效应越小,并且这种负相关性在民营企业中更为明显。此外,我们还发现在对外开放程度较高和儒家文化破坏程度较高的地区,儒家文化缓释“隧道效应”的作用会有所减弱。本文拓展了非正式制度对公司治理的影响方面的研究,丰富了“文化金融学”相关理论。
The traditional"Confucian Merchants Spirit"advocates"taking advantage of justice",paying attention to the interests of stakeholders and actively undertaking social responsibilities,which can reduce the implementation of unethical business practices to a certain extent.This paper takes the listed companies in China from 2006 to 2017 as the research object,and uses the"social-oriented collectivism","uncertainty avoidance"and"future orientation"in the GLOBE cultural custom index to construct the Confucian cultural index,and then investigate the influence of Confu-cian culture on the"tunneling effect"of listed companies.The results show that the influence of Confucian culture on listed companies is significantly negatively correlated with"tunneling effect",and this negative correlation is more ob-vious in private enterprises.In addition,we also found that the role of Confucian culture's slow-release"tunneling ef-fect"will be weakened in areas with higher openness and higher levels of Confucian cultural destruction.After control-ling for endogenous problems,the above results are still robust.This finding has important reference for listed compa-nies to choose appropriate governance mechanisms in the context of Chinese traditional culture,to shape corporate cul-ture and achieve sustainable development,as well as to improve the relevant regulatory systems for government depart-ments and to focus on the protection of small and medium investors.This paper expands the research on the impact of in-formal institutions on corporate governance and enriches the relevant theories of"cultural finance".
作者
叶德珠
李鑫
Ye Dezhu;Li Xin(School of Economics,Jinan University,Guangdong Guangzhou 510632)
出处
《金融发展研究》
北大核心
2019年第5期3-12,共10页
Journal Of Financial Development Research
基金
2014年国家自然科学基金面上项目“儒家文化与过度储蓄:微观机理、实证检验与宏观政策研究”(71473102)的资助
国家自然科学基金面上项目“金融支持视角下银行竞争对企业融资约束的影响机理与政策选择”(71573056)
广东省自然科学基金自由申请项目“金融体系顺周期性与中国宏观审慎政策协同管理研究”(2015A030313625)
