商帮文化对企业全要素生产率的影响研究——基于中国A股民营上市公司的经验证据

The Influence of the Merchant Guild Culture on Total Factor Productivity:Based on the Empirical Evidence of A-share Private Listed Companies

基于2007—2021年中国A股民营上市公司数据,分析了商帮文化对企业全要素生产率的影响及机制。研究发现,商帮文化对企业全要素生产率具有显著的正向作用,这一结论在使用工具变量等一系列稳健性检验后依然稳健。机制研究表明,商帮文化通过缓解企业融资约束、降低企业代理成本和增加企业人力资本投资来提升企业全要素生产率。拓展性分析表明,在法律制度环境和信任环境较差的地区,商帮文化对企业全要素生产率的提升作用更强。文章为评估商帮文化的影响作用提供了理论分析和证据支撑,也为探索企业全要素生产率的增长路径提供了一种思路。

Based on the data of China’s A-share private listed companies from 2007 to 2021,this paper analyzes the influence and mechanism of merchant guild culture on total factor productivity of enterprises.Study finds that merchant guild culture has a significant positive effect on the total factor productivity of enterprises,and the finding remains robust after a series of robustness tests by using instrumental variables.The mechanism research shows that merchant guild culture improves total factor productivity of enterprises by easing financing constraints,reducing agency cost and increasing human capital investment.Further analysis shows that in areas with poor legal system environment and trust environment,merchant guild culture has a stronger effect on the improvement of total factor productivity.This paper provides theoretical analysis and empirical support for evaluating the influence of merchant guild culture,as well as one of ideas for exploring the growth path of total factor productivity of enterprises.