区域文化环境与我国上市公司融资行为——基于分层线性模型的研究  

The Influence of Regional Culture Environment on Financing Behavior of Listed Companies: Based on the Study of Hierarchical Linear Model

作　　者：范方志[1] 虞拱辰[2] 李海海[3] 

机构地区：[1]江苏理工学院商学院 [2]浙江师范大学行知学院 [3]湘潭大学商学院

出　　处：《中央财经大学学报》2015年第9期31-37,共7页Journal of Central University of Finance & Economics

基　　金：国家社科基金项目"中国实现经济强国的货币政策与财富创造研究"(项目编号:11BJL005)

摘　　要：公司的融资关系到公司经营与发展的稳定性,在学术界有关公司融资行为的研究很多,但很少有人考虑到社会文化环境这一重要因素对公司融资行为的影响。笔者以50个城市中的870家上市公司为样本,将50个城市的文化竞争力作为高层次变量,利用分层线性模型来研究文化环境对上市公司融资行为的影响。结果发现:上市公司之间融资净流入的变异有8.4%是由地区文化之间的差异造成的;区域文化环境在资产负债率与融资净流入间起到了调节作用。综合研究结果,笔者认为当上市公司处在具有创新精神、创新文化氛围较高、价值取向良好的文化环境中时,融资会相对较好。The financing activity is a key factor that influences the development and stability of the firm. While there are many researches already conducted on the corporate financing behaviors, there are relatively few empirical studies that identify the influence of the culture environment, which is also an essential factor that affects the financing activity of the firm. In this article, the effect of culture environment on financing behaviors is studied based on the data of 870 listed companies, which are located in 50 Chinese cities Taking the culture competitiveness of the 50 cities as high level variable and applying the hierarchical linear model, we get the results of how culture environment influences the financing behavior of these listed firms. There are 8.4% differences between the firms＇ financial inflows, which is due to the regional culture differences of these firms. The culture environment acts as moderator between the company＇s asset-liability ratio and net inflow of financing. Finally, we find culture competitiveness would help companies with the financing

关 键 词：区域文化环境 融资行为 分层线性模型 

分 类 号：F830.9[经济管理—金融学]