地区文化记忆与成本粘性——基于长征文化视角

Regional Cultural Memory and Cost Stickiness——From the Perspective of the Long March Culture

文化记忆是国家的符号与象征。本文以2003-2019年A股上市公司为样本,探究我国地区文化记忆的重要组成部分--长征记忆对企业成本粘性的影响。研究发现,相比于自然环境等条件类似的周边地区,当企业位于长征沿线时,其成本粘性程度更低。在引入工具变量、更换度量方法、控制多维固定效应等各种稳健性检验后,这一结论仍然成立。渠道检验表明,长征文化通过缓解代理冲突降低了企业的成本粘性;横截面检验发现,这一抑制效果在民营企业、代理问题严重以及高管成长于长征地区的企业中更显著。本文将文化记忆引入成本粘性的研究框架,丰富了成本粘性动因和文化治理效应领域的相关研究,为提高国家文化软实力与坚定文化自信提供了源自财务学的经验证据。

Cultural memory is the symbol of a nation.Using data of listed companies from 2003 to 2019,we test the impact of the Long March memo-ry,one of the significant components of Chinese regional cultural memory,on cost stickiness.The results show that compared with firms located in sur-rounding areas which exhibit similar characteristics,the cost stickiness of firms in the Long March area is lower.The results are robust after several tests including instrumental variables,controlling for multiple fixed effects and so on.The mediating effect tests show that the Long March memory reduces the cost stickiness by alleviating agency conflicts.Cross section tests reveal that the impact of the Long March memory on cost stickiness is more pronounced for non-state-owned firms,firms with serious agency problems and with management growing up in the Long March region.By testing the impact of the Long March memory on cost stickiness,this paper contributes to the literature examining differences in the degree of cost stickiness across firms and economic consequences of culture.This paper also provides the empirical evidence for improving Chinese cultural soft power and strengthening cultural confidence.