商帮文化对企业融资行为的影响研究

The Influence of Merchant Guild Culture on Enterprise Financing Behavior

商帮文化是在长期商业实践中逐渐形成的运营规范和经营理念,本文探究其对现代企业融资行为的影响。研究发现,企业所在地受商帮文化影响程度越大,其面临的融资约束越小,获取的商业信用越多。内在传导机制的检验表明,商帮文化可以通过提高信息沟通、增强社会诚信,进而提高企业的商业信用,缓解融资约束。从企业异质性角度检验发现,商帮文化对企业融资行为的影响在规模较小、股权集中度较高和所处地区市场化水平较低的企业中更为显著。本文的研究为中国企业融资问题提供了来自于商帮文化视角的证据,对探寻中国企业发展的独特道路有一定启发意义。

The merchant guild culture is the unique operation norms and business philosophy that has gradually formed in the long-term business practice.Based on the perspective of financial constraints,this paper studies how the merchant guild culture affects the business behavior of modern enterprises.The study finds that the greater the influence of the merchant guild culture in the region where the enterprises are located,the less financial constraints they face,and the more commercial credit they obtain.The test of the internal transmission mechanism shows that the merchant guild culture can improve the commercial credit and ease financing constraints by improving information communication and enhancing social integrity.From the perspective of enterprise heterogeneity,it finds that the merchant guild culture can significantly alleviate the financing constraints and improve the commercial credit of small-scale enterprises,enterprises with high equity concentration and enterprises with low level of marketization in their regions.This paper provides evidence from perspective of the merchant guild culture for Chinese companies’financing issues,and has some enlightenment for exploring the unique path of Chinese enterprises development.