儒家传统文化会降低企业权益资本成本吗

Will Confucian Traditional Culture Reduce the Cost of Equity Capital

权益资本成本的高低对企业发展有着重要影响。在此过程中,儒家传统文化具有怎样的功能?这是一个值得研究的重要问题。本文以2007-2018年中国上市公司为研究对象,从非正式制度视角考察了儒家传统文化对企业权益资本成本的影响。研究表明:企业受儒家传统文化影响越大,其权益资本成本越低,并且完善的法律制度会增强儒家传统文化对权益资本成本的影响,两者具有互补效应。中介检验表明,儒家传统文化主要通过抑制管理层自利行为、改善企业会计信息披露质量来影响权益资本成本。进一步研究发现,儒家传统文化和权益资本成本之间的关系会因为外来文化冲击而被削弱。在控制了内生性问题后,上述结果依然稳健。本文的研究表明,儒家传统文化作为正式制度的隐形互补治理机制,对于降低企业融资成本、激发市场活力具有积极作用。

The level of the cost of equity capital cost has an important impact on corporate development.In this process, what is the functions of Confucian traditional culture? This is an important question worth studying.This article takes 2007-2018 listed companies in China as the research object, examines the impact of Confucian traditional culture on the cost of equity capital was investigated from the perspective of informal institutions.We found that the more a company is affected by Confucian traditional culture, the lower its cost of equity capital, and the influence of the Confucian traditional culture and the legal system environment on the cost of equity capital of the enterprise has a complementary effect.Intermediary inspection showed that the traditional Confucian culture mainly affects the cost of equity capital by inhibiting the self-interested behavior of managers and improving the quality of company’s accounting information.Further tests show that the relationship between Confucian traditional culture and the cost of equity capital will be weakened by foreign cultural shocks.After controlling the endogenous problem, the above results are still robust.The research in this article shows that Confucian traditional culture as an invisible complementary governance mechanism of the formal system, plays an important and positive role in reducing costs and stimulating market vitality.