“润滑剂”抑或“沙砾”? 地区关系文化对公司创业的影响

‘Lubricant’or‘Gravel’? The Influence of Regional Guanxi Culture on Corporate Entrepreneurship

公司创业活动已成为新时期推动企业塑造新优势的重要手段,挖掘公司创业的驱动因素是创业学的重要研究领域之一。本文以地区关系文化为视角,探讨了它在公司创业过程中的作用机理及相关的边界条件。基于我国上市公司的数据,本文主要得出以下几个方面的结论:第一,地区关系文化对公司创业的不利影响显著成立,并且该效应在高经济发展水平、高市场化水平的地区越加明显。第二,地区关系文化之所以负向影响公司创业,关键的中介传导机制在于它阻碍了公司的研发投入动力、提高了管理层的代理行为动机,无法形成新的业务成长空间。第三,地区关系文化对公司创业的影响作用将受制于地方政府的创新政策和反腐政策,即地方政府越强调创新和反腐,则越能够抵消或缓解地区关系文化对公司创业的抑制作用。本文在理论上有助于回应地区关系文化与公司创业之间悬而未决的争议,在实践上为国家和地方政府推行创新创业政策及公司是否以及如何制定创业战略提供了理论依据。

Corporate entrepreneurship has become an important means for enterprises to shape new advantages in the new era.Mining the driving factors of corporate entrepreneurship is one of the important research fields of entrepreneurship.From the perspective of regional guanxi culture,this paper discusses its mechanism and related boundary conditions in the formation of corporate entrepreneurship.Based on the data of Chinese listed companies,this study mainly draws the following conclusions.Firstly,the negative impact of regional guanxi culture on corporate entrepreneurship is established.After the endogeneity and robustness test,this result remains unchanged,and the effect is more obvious in regions with high economic development level and high marketization level.Secondly,regional guanxi culture has a negative impact on corporate entrepreneurship because it hinders corporate R&D investment,motivates management team to take an act of agency and provides no space for new business growth.Thirdly,the impact of regional guanxi culture on corporate entrepreneurship will be subject to the intensity of local governments’innovation policies and national anti-corruption policies,namely,the stronger focus local governments put on innovation and anti-corruption policies,the better they are able to offset or mitigate the inhibitory effect of regional guanxi culture on corporate entrepreneurship.This paper theoretically helps to respond to the outstanding disputes between regional guanxi culture and innovation and entrepreneurship,and provides a theoretical basis for national and regional governments to implement innovation and entrepreneurship policies and whether and how companies should formulate entrepreneurial strategies.