商帮文化、融资需求与金融发展

Commercial Gang Culture,Financing Demand and Financial Development

本文采用明清时期地区层面商帮数据,实证研究了商帮文化对金融发展的影响。研究发现,商帮文化显著促进了金融发展。结合金融供给放宽政策的准自然实验结果显示,这种促进作用主要源于企业创办和投资行为所产生的融资需求。机制分析表明,商帮文化在历史上越活跃的地区,经商传统越浓厚,营商环境越优良,进而引起企业创办和投资行为对融资服务的需求越多。本文揭示了商业文明对金融市场的开发能力,拓展了文化与金融之间关系的文献,对于理解地区金融发展差异,探寻传统商业文化价值具有重要意义。

This paper empirically studies the influence of commercial gang culture on financial development by using the data of the regional commercial gang during the Ming and Qing dynasties.The study finds that the commercial gang culture significantly promotes the financial development.According to the quasi-natural experiment result of the financial supply easing policy,it shows that this promotion effect mainly stems from the financing demand generated by enterprise establishment and investment behavior.Mechanism analysis shows that the more active the commercial gang culture is in history,the stronger the business tradition is,and the better the business environment is,which causes more demand for financing services of enterprise establishment and investment behavior.This paper reveals the development ability of the commercial civilization to the financial market,expands the literature on the relationship between culture and finance,and is of great significance for understanding regional financial development differences and exploring the value of traditional business culture.