儒家文化、内部控制与企业商业信用融资

Confucian Culture, Internal Control and Enterprise Trade Credit Financing

以2010-2020年上市公司为样本,研究儒家文化对企业商业信用融资的影响,并探究内部控制在其中的中介作用。研究发现,儒家文化能显著促进企业商业信用融资。作用机制检验表明,儒家文化可以通过提升内部控制质量来促进企业商业信用融资,进一步分析表明,儒家文化对企业商业信用融资的促进作用在对外开放程度较高和市场化程度较低的地区更为显著。

Taking listed companies from 2010 to 2020 as a sample,this paper studies the impact of Confucian culture on corporate trade credit financing,and explores the intermediary role of internal control.Empirical studies show that Confucian culture can significantly promote corporate trade credit financing.The test of the impact mechanism shows that Confucian culture can promote corporate trade credit financing by improving the quality of internal control.Further analysis shows that Confucian culture promotes corporate trade credit financing more significantly in regions with a high degree of openness and a low degree of marketization.