文化对一国金融体系结构的影响作用

The Impact of Culture on A Country's Financial System Structure

一个国家或地区金融体系结构的建立受多种因素的影响,文化作为其中的一种关键因素起着极其重要的作用。从价值观和法系两条路径出发,深入分析文化影响金融体系结构的内在机理,并在此基础上,运用FGLS模型和GMM法,对45个国家和地区1989-2011年的相关数据进行实证检验,结果发现:崇尚"集体主义",风险规避程度高的国家,倾向于选择银行主导的金融体系结构;而推崇"个人主义",风险规避程度低的国家,通常建立市场主导的金融体系结构。基于"理性主义"的大陆法系国家,强调国家利益,环境适应能力较差,适合建立银行主导的金融体系结构;而基于"自由主义"的普通法系国家,重视保护个人权利,环境适应能力较强,更易于建立市场主导的金融体系结构。

Among so many factors affecting the establishment of the financial system structure of a country or a region, culture as a key factor is playing a significant role. Beginning from the two paths of values and legal systems, this paper conducts a deep analysis of the inner mechanism of cul- ture affecting the financial system. On this basis, it applies the model of feasible generalized least squares （FGLS） and the generalized method of moments（GMM） to perform an empirical test of the related data of 45 countries or areas from 1989 to 2011. The results show that those countries advo- cating ＂collectivism＂ with higher degree of risk aversion would be prone to choosing ＂bank-based＂ financial system; conversely, those countries advocating ＂ individualism＂ with lower degree of risk aversion would tend to build ＂market-based＂ financial system. Besides, the civil law countries influ- enced by ＂rationalism＂ prefer ＂bank-based＂ financial system because they emphasize national interest and have poor ability to adapt to the environment; whereas the common law countries affected by ＂liberalism＂ are prone to establishing ＂market-based＂ financial system owing to their emphasis on per- sonal rights and having good ability to adapt to the environment.