董事会文化差异对商业银行资本结构的影响研究  

The Impact of Board Cultural Heterogeneity on the Capital Structure of Commercial Banks

作　　者：姚磊 孟达 YAO Lei;MENG Da(Institute of Southern Studies,Jilin University,Guangdong Zhuhai 519000,China;Institute of Cultural Industry,Shenzhen University,Guangdong Shenzhen 518060,China)

机构地区：[1]吉林大学南方研究院,广东珠海519000 [2]深圳大学文化产业研究院,广东深圳518060

出　　处：《贵州财经大学学报》2020年第6期47-56,共10页Journal of Guizhou University of Finance and Economics

基　　金：广东省自然科学基金项目“不确定条件下企业过度投资与产能效率的微观机理研究——以广东省为例”(2016A030313094)。

摘　　要：以2006~2019年间我国A股上市商业银行为研究样本,将商业银行董事会文化拆解为个人主义、男子气概、不确定性规避、权力距离、长期导向和自我放纵六个维度,根据我国A股上市商业银行的经营特征、发展背景和数据披露特征,基于Hofstede文化框架构建商业银行董事会文化作用于商业银行资本结构的三层模型,探究商业银行董事会文化对于资本结构的影响。研究结果表明:董事会文化异质性对于商业银行资本结构具有显著影响,Hofstede文化框架下董事会六个文化维度对于商业银行资本结构均具有显著影响,个人主义和男子气概,与不确定性规避具有显著的负向交互效应。This paper takes A-share listed commercial banks in China from 2006 to 2019 as the research sample,and divides the board culture of commercial banks into six dimensions:individualism,manliness,uncertainty avoidance,power distance,long-term orientation and self indulgence.According to the operating characteristics,development background and data disclosure characteristics of A-share listed commercial banks in China,based on the Hofstede cultural framework,this paper constructs a three-tier model of the role of the board culture of commercial banks in the capital structure of commercial banks,and explores the impact of the board culture of commercial banks on the capital structure.The results show that the cultural heterogeneity of the board of directors has a significant impact on the capital structure of commercial banks.The six cultural dimensions of the board of directors under the Hofstede cultural framework have a significant impact on the capital structure of commercial banks.Individualism and masculinity have a significant negative interaction effect with uncertainty avoidance.

关 键 词：Hofstede框架 资本结构 文化异质性 交互效应 

分 类 号：F832.5[经济管理—金融学]