儒家文化与金融结构——基于省际面板数据的实证分析

Confucian Culture and Financial Structure:An Empirical Analysis based on Inter-provincial Panel Data

文献已经发现国别文化差异会影响各国金融体系发展,那么一国内部不同地区之间的文化差异也会对各地区金融结构产生影响吗?以跨省区文化指数作为中国各地区儒家文化的度量指标,并以我国2003-2016年省际面板数据为样本实证检验儒家文化对地区金融结构的影响。研究发现,受儒家文化影响越深的地区,其金融结构更偏向于间接融资。在经过内生性和稳健性检验后,该结论依然成立。进一步研究发现,在以法律制度为代表的正式制度较为完善的地区,儒家文化这一非正式制度对金融结构的影响会削弱,二者作用相互替代;在对外开放程度越低的地区,儒家文化对金融结构的作用会加强。从文化视角探讨非正式制度对金融的影响,为金融结构决定理论贡献了东方文化情境下的经验证据,丰富了“文化金融学”相关理论。

The literature has found that country-specific cultural differences affect the development of financial systems in each country,so will cultural differences between different regions within a country also have an impact on the financial structure of each region?In this paper,the cross-provincial cultural index is a measure of Confucian culture in various regions of China,and the influence of Confucian culture on regional financial structure is empirically tested by the data of inter-provincial panel data from 2003 to 2016.The study found that the deeper the influence of Confucian culture,the more its financial structure is more inclined to indirect financing.After the endogenous and robusttests,the conclusion is still valid.Further research has found that in the regions where the formal system represented by the legal system is more perfect,the influence of Confucian culture as an informal system on the financial structure will be weakened and the role of the two will be replaced by each other,and the role of Confucian culture in the financial structure will be strengthened in the areas where the degree of opening to the outside world is lower.This paper discusses the influence of informal system on finance from a cultural perspective,and contributes empirical evidence in the eastern cultural context to the theory of financial structure decision-making,enriching the related theory of“cultural finance”.