儒家文化如何影响企业投资效率

How Confucian Culture Affects Firm Investment Efficiency

研究儒家文化对投资效率的影响是中国特色社会主义文化自信的表现。本文选取2012~2019年度A股主板、创业板数据为研究样本,实证检验了儒家文化与企业投资效率的关系。研究发现:(1)儒家文化能够提升企业投资效率;相较于寻找新的投资项目以改善投资不足,儒家文化对投资过度行为的抑制作用更明显。(2)儒家文化发挥着法治这一正式制度的替代作用;儒家文化在地方国有企业投资效率的提升中最为显著,这可能和中央国企需要承担更多的社会责任有关。(3)机制检验发现,儒家文化还可以通过地区制度特征去间接影响企业投资效率。上述研究结论为构建中国特色社会主义文化自信提供经验证据,对监管部门完善相关地区法治制度以替代儒家文化对企业投资效率影响具有重要现实意义。

Studying the influence of Confucian culture on investment efficiency is an expression of self-confidence in socialist culture with Chinese characteristics.This paper selects 2012-2019 A-share main board and GEM data as research samples to empirically test the relationship between Confucian culture and corporate investment efficiency.The study found that:(1)Confucian culture can improve the efficiency of corporate investment;compared to finding new investment projects to improve underinvestment,Confucian culture has a more obvious inhibitory effect on overinvestment.(2)Further research finds that Confucian culture plays a substitute role for the formal system of rule of law;Confucian culture is the most significant in improving the investment efficiency of local state-owned enterprises,which may be related to the need for central state-owned enterprises to assume more social responsibilities.(3)The mechanism test found that Confucian culture can also indirectly affect the investment efficiency of enterprises through the characteristics of the regional system.The above research conclusions provide empirical evidence for building socialist cultural confidence with Chinese characteristics,and have important practical significance for the regulatory authorities to improve the legal system in relevant regions to replace Confucian culture on the efficiency of corporate investment.