文化差异对金融结构的影响研究

Study about the Influence of Cultural Differences on Financial Structure

本文基于来自64个国家和地区的2000-2014年金融结构指标数据均值,实证研究文化差异对这些样本国家金融体系结构选择的影响。总体来看,金融体系受权力距离、不确定性回避和长期导向的影响较大,而不受个人/集体主义导向和宽容与约束的直接影响。具体而言,高权力距离国家支持市场主导型金融体系,低权力距离国家支持银行主导型金融体系;高不确定性回避国家偏好银行主导型金融体系,低不确定性回避国家偏好市场主导型金融体系;长期导向国家偏向市场主导型金融体系,短期导向国家偏向银行主导型金融体系。这一研究结论为各国选择金融体系结构提供了决策依据,同时也为具有高权力距离、低不确定回避和长期导向文化特征的中国金融市场化改革明示了方向。

A country＇s financial architecture reflects the country＇s normal channel of raising and distributing funds for the real economy,while culture plays a paramount but often overlooked role in the selection of financial structure.This paper aims to study the connection between sample countries＇ cultural differences and their choices of financial structure.Initially,the characteristics of a country＇s financial architecture are simplified by virtue of principal component analysis.Then we apply multiple linear regression model to investigate the effects of national culture on financial architecture.As a result,we find that countries with high power distance index tend to favor market-based financial system whereas their counterparts support bank-based financial system;high uncertainty avoidance countries prefer bank-based financial system,while low uncertainty avoidance countries advocate market-based financial system;Long-term oriented countries prioritize market-based financial system,short-term oriented countries prioritize bank-based financial system.Based on the above conclusions,we draw this view：Although China currently belongs to bank-based financial system,its high power distance index,low uncertainty avoidance and long-term orientation cultural endowment point out the direction of China＇s financial market reform.