国家文化与非正规融资

National Culture and Informal Financing

利用53个国家的企业调查数据检验国家文化是否以及如何影响企业非正规融资需求。研究发现,国家文化对企业的固定资产以及营运资本中的非正规融资均具有重要的影响,但文化对固定资产中非正规融资主要是通过影响企业的融资能力而不是企业的融资偏好所导致的,而对营运资本中非正规融资则是同时通过两种渠道影响的。文化因素是影响企业非正规融资的重要因素,为非正规融资的存在提供了新的解释。

Using enterprise survey data from 53 countries,this paper examines whether and how national culture affects the firms＇ demand of informal financing.The result shows that national culture has important effect on the firms＇ demand of informal financing both in fixed asset and working capital.However,the result also shows that national culture affects informal financing in fixed asset through influencing firms＇ probability of excessing to formal finance but not through the financing preference,while affects informal financing in working capital through both two channels.This result indicates that national culture is an important determinant of firms＇ informal financing decision,which also provides new explanation for the existence of informal financing.