宗族文化、信用环境与融资约束

Clan Culture,Credit Environment and Financing Constraints

本文以浙江为案例,基于融资约束视角探讨宗族对商业信用环境影响的内在机理。结果显示:宗族有助提升商业信用环境,且具有显著区位和政治差异性,沿海地区和副省级城市宗族对商业信用环境提升效果不明显;宗族具有提高正向政策实施适应性和加深反向政策作用程度的双重效应,通过提高信息交流效率和道德影响缓解融资约束,支撑商业信用环境。从融资约束视角证实宗族对商业信用环境具有深刻影响,同时也为非正式约束纳入研究框架提升政策实施适应性提供了有力依据。

Taking Zhejiang as an example,this paper discusses the internal mechanism of clan influence on commercial credit environment from the perspective of financing constraints.The results show that:Clans help to improve the business credit environment,and there are significant regional and political differences.The effect of clan on the improvement of commercial credit environment is not obvious in coastal areas and sub provincial cities;clan has dual effects of improving the adaptability of positive policy implementation and deepening the role of reverse policy.By improving the efficiency of information exchange and moral impact,the financing constraints can be alleviated and business credit environment can be supported.From the perspective of financing constraints,it proves that clans have a profound impact on the business credit environment,and also provides a strong basis for the informal constraints to be incorporated into the research framework to enhance the adaptability of policy implementation.