儒家文化对涉农上市公司多元化战略的影响研究

Study on the Influence of Confucian Culture on the Diversification Strategy of Agriculture-related Listed Companies

文章以2010-2021年中国涉农上市公司为研究对象,从儒家文化视角考察非正式制度对涉农上市公司多元化战略的影响机理。实证结果得出,儒家文化会促进涉农上市公司多元化战略的实施。交互效应检验结果表明,正式制度环境与非正式制度的儒家文化在影响涉农上市公司多元化战略选择上存在互补关系;调节效应检验结果表明,外来文化削弱了儒家文化对涉农上市公司多元化战略选择的促进作用;基于不同农业产业链环节的异质性检验结果表明,儒家文化对多元化战略的促进作用在中游涉农上市公司中更显著;基于产权性质的异质性检验结果表明,儒家文化对多元化战略的促进作用在民营涉农上市公司中更显著。

This paper takes Chinese agriculture-related listed companies from 2010 to 2021 as the research object,it examines the influence mechanism of informal system on agriculture-related listed companies diversification strategy from the perspective of Confucian culture.The empirical results show that Confucian culture will promote the implementation of diversification strategy of agriculture-related listed companies.The results of interaction test show that there is a complementary relationship between the formal institutional environment and the Confucian culture of informal institutions in influencing the diversification strategy choice of agriculture-related listed companies.The test results of regulatory effect show that foreign culture weakens the promoting effect of Confucian culture on the the diversified strategic choice of agriculture-related listed companies.The results of heterogeneity test based on different links of agricultural industry chain show that the promoting effect of Confucian culture on diversification strategy is more significant in mid-stream agriculturerelated listed companies.The results of heterogeneity test based on property right show that the promoting effect of Confucian culture on diversification strategy is more significant in private agriculture-related listed companies.