文化遵从度与金融市场稳定——基于股价崩盘风险的视角

Cultural Tightness and Financial Market Stability——Evidence from Stock Price Crash Risk

维护金融市场稳定、防控金融风险是我国经济建设的重要内容。基于Gelfand et al.(2006)提出的文化遵从度理论框架,本文以2008—2019年中国A股上市公司为样本,从股价崩盘风险的视角,探究了非正式制度对金融市场稳定的影响。研究发现:公司所在地的文化遵从度对公司未来股价崩盘风险存在显著影响,当地文化遵从度越高,公司的股价崩盘风险越低。进一步发现:(1)提高信息质量和选择四大审计,是文化遵从度影响公司股价崩盘风险的主要机制;(2)区分文化遵从度的作用强度后,文化遵从度对股价崩盘风险的影响在成立年限长、高管不具有海外经历的公司表现得更强烈;(3)结合公司治理的其他机制,在公司内外部治理机制较弱时,文化遵从度发挥了较强的治理作用;(4)比较公司所在地的文化遵从度与高管籍贯所在地,公司所在地的文化遵从度具有更强的影响作用,表明文化遵从度能够对个体产生“同化”影响。本文的研究揭示了非正式制度对公司股价崩盘风险的重要影响,对于维护金融市场的稳定、防范金融风险,具有一定的理论和现实启发。

Maintaining the stability of the financial market and preventing and controlling financial risks are important contents of China's economic construction.Based on the theoretical framework of cultural tightness proposed by Gelfand et al.(2006),this paper uses the sample of Chinese A-share listed firms from 2008 to 2019,exploring the impact of informal institutions on financial market stability from the perspective of stock price crash risk.We find that the regional cultural tightness has a significant impact on the firm's future stock price crash risk.The higher the cultural tightness is,the lower the risk of stock price crash is.Further findings are as follows.First,improving information quality and choosing the Big 4 audits are the main mechanisms for cultural tightness to affect the risk of stock price crash.Second,after analyzing the effect strength of cultural tightness,the impact of cultural tightness on the firms'stock price crash risk is mainly reflected in older firms and firms whose managers do not have overseas experiences.Third,considering other mechanisms of corporate governance,the association between cultural tightness and future stock price crash risk is stronger when the firm's governance mechanisms are weaker.Last,comparing the cultural tightness of the firm's location with that of the manager's hometown shows that the association between cultural tightness of the firm's location and future stock price crash risk is stronger.It shows cultural tightness has“assimilation”effect on individuals.This paper reveals the important impact of informal institutions on the stock price crash risk,and has important theoretical and practical significance for preventing financial risks and maintaining the stability of financial markets.