儒家文化与公司风险承担  

Confucianism and Corporate's Risk Taking

作　　者：金智[1] 徐慧[2] 马永强[1] 

机构地区：[1]西南财经大学会计学院 [2]云南财经大学会计学院

出　　处：《世界经济》2017年第11期170-192,共23页The Journal of World Economy

基　　金：国家自科基金项目(71302185;71472152);云南省社科项目(QN2016059)的资助

摘　　要：本文以2001-2013年中国上市公司为研究对象,考察儒家传统对公司风险承担的影响,结果发现:公司所处地区的市场环境、外来文化及产权属性都会影响儒家文化对公司风险承担的作用。整体而言,公司受儒家文化影响越大,风险承担水平越低。这种相关关系在市场化程度高、对外开放程度高的地区以及民营公司中相对较弱。而且,使用CEO出生地区孔庙数量代理儒家文化进行回归,同样支持儒家文化与公司风险承担负相关的结论。此外,我们还发现儒家文化通过降低公司风险承担,进而降低了公司的市场回报。本文拓展了我们对非正式制度在公司财务中作用的认识,也丰富了"文化与金融"的相关理论。The present research of corporate＇s risk choices mainly focuses on how it works under the formal systems without paying much attention to informal institutions such as culture. This paper studies how the Confucianism takes effect on corporate risk-taking behaviors. We find that,the more the corporate is affected by the Confucianism,the less likely it undertakes risk. This phenomenon is weaker in areas that are higher marketized and more open,as well as in non state-owned companies. Moreover,we conduct a test using the number of Confucian Temples in the CEO＇s hometown as a proxy variable,and the results reinforce our main conclusion that Confucianism reduces corporate risk taking. Last but not least,we show that Confucianism is negatively related to corporate＇s market returns. This paper studies Confucianism and risk-taking from the perspective of corporate culture and CEO＇s cultural characteristics. It not only helps our understanding about the role of informal institutions in corporate finance,but also enriches the literature about the culture and finance.

关 键 词：儒家文化 公司风险承担 非正式制度CEO 文化特征 

分 类 号：B222[哲学宗教—中国哲学] F272.3[经济管理—企业管理]