儒家文化会影响企业的投资效率吗?

Does Confucian Culture Influence Corporate Investment Efficiency?

本文从文化心理学和文化地理学的角度出发,以2003~2018年我国沪深A股的上市公司为研究样本,实证检验上市公司所在地儒家文化氛围能否影响及如何影响企业的投资效率,并探究这种影响在不同市场化程度下是否存在差异。研究结果表明:上市公司所在地儒家文化氛围越浓厚,企业的非效率投资行为越少,上述关系在国有企业中更明显。进一步研究发现,市场化会削弱儒家文化与企业非效率投资的负向关系,这说明正式与非正式制度之间存在一定程度的替代关系,这一点有助于深刻理解我国新兴转轨经济的不同运行机制。机制检验发现,儒家文化提升企业投资效率的机制是改善信息环境和抑制管理者私利动机。本文不仅丰富了企业投资效率影响因素的研究,也丰富了儒家文化这种非正式制度对微观企业行为作用的研究。

On the basis of cultural psychology and cultural geography,this paper aims to research samples on China's A-share listed companies in Shanghai and Shenzhen from 2003 to 2018,empirically examining whether and how the Confucian cultural atmosphere in the region where the listed companies are located influences the investment efficiency of corporate,and exploring whether there are differences when marketization degree is different.It is found that there are less corporate inefficient investment behaviors in listed companies with deeper Confucian cultural atmosphere,and the above relationship is more obvious in state-owned enterprises.Further research shows that the marketization will weaken the negative relationship between Confucian culture and inefficient investment,which indicates that there is a certain degree of substitution relationship between formal and informal system,which is helpful to understand the different operating mechanisms of China's emerging transition economy.Through the mechanism test,it is found that Confucian culture improves corporate investment efficiency by way of improving the information environment and suppressing managers'self-interest motives.This paper not only enriches the researches on the influencing factors of corporate investment efficiency,but also enriches the researches on the effect of the informal system of Confucian culture on micro corporate behavior.