文化传统与委托贷款——基于上市公司的实证研究  

Cultural Tradition and Entrusted Loans:Evidence from Listed Firms

作　　者：钱先航[1] 邱善运 Qian Xianhang;Qiu Shanyun(School of Economics,Shandong University,Jinan 250100,China)

机构地区：[1]山东大学经济学院,250100

出　　处：《南开经济研究》2022年第6期164-181,200,共19页Nankai Economic Studies

基　　金：国家社会科学基金项目(19CJY059)的部分研究成果;山东省“泰山学者”青年专家项目和山东大学齐鲁青年学者项目资助。

摘　　要：采用我国上市公司委托贷款数据,本文检验了文化传统这一非正式制度对企业委托贷款的影响及渠道,并进一步考察了外来文化冲击和正式制度的作用。其结果表明,在文化传统越强的地区,企业提供的委托贷款规模越小。这一结论在考虑了内生性问题之后依然成立。同时,文化传统还会使得企业提供委托贷款的频率更低、利率更高、更需要担保,体现了文化传统的“风险规避效应”。影响机制检验表明文化传统能够弱化委托方企业的风险承担,强化委托方企业的风险防范,从而减少委托贷款的发放。进一步检验表明,文化传统对委托贷款的负向影响在有外来文化冲击及正式制度较为完善时不再显现。Using the data of entrusted loans of Chinese listed firms,this paper examines the effect of cultural tradition as an informal institution on firms'entrusted loans and the impacting mechanisms,and further explores the role of the shock of foreign culture and formal institutions.The results show that in regions with stronger cultural tradition,the entrusted loans provided by firms will be fewer,and it still holds after considering the endogeneity concerns.Meanwhile,the cultural tradition also can lower the frequency of entrusted loans,heighten the interest rate and the probability of guarantee needed,which reflects the"risk aversion effect"of cultural tradi-tion.The test of impacting mechanisms indicates that cultural tradition can weaken the risk-taking and strengthen the risk prevention of entrusting firms,which reduce the granting of entrusted loans.Moreover,the negative effect of cultural tradition on entrusted loans is no longer apparent when there are the shock of foreign culture and better formal institutions.

关 键 词：文化传统 委托贷款 风险规避 

分 类 号：G122[文化科学] F832.51[经济管理—金融学] F832.4