异地商会与企业经营绩效  

The Impact of Hometown Chamber on Firm Performance

作　　者：李海彤 张瑞君[1] 马芳琳 HAITONG LI;RUIJUN ZHANG;FANGLIN MA(Renmin University of China;Bank of Changsha)

机构地区：[1]中国人民大学商学院 [2]长沙银行股份有限公司

出　　处：《产业经济评论》2023年第1期149-170,共22页Review of Industrial Economics

基　　金：中央高校基本科研业务费专项资金资助项目“商会组织与企业经营绩效研究:价值效应、作用机制和影响因素”(21XNH136)的资助。

摘　　要：商会是从中国古代商帮文化发展至今的民间正式组织,在我国市场经济发展历程中具有重要地位。本文实证分析上市公司参与异地商会对企业经营绩效的影响及其作用机制。研究发现,上市公司参与异地商会显著提升了企业经营绩效;同时,来自外地的董事长显著增大了异地商会对公司绩效的提升作用,并且异地商会对区域内市场化营商环境具有替代作用。作用机制检验发现,参与异地商会有助于提高企业市场竞争能力和营销强度,减轻融资约束程度。进一步研究结果表明,国有企业和大型企业参与异地商会对企业绩效的提升效果更为明显,此外,异地商会对企业经营绩效水平具有持续的改善作用。本文是公司金融领域对中国商会组织研究的创新性拓展,为理解商会组织在促进市场化资源配置方面的重要作用提供了经验证据。Chamber of commerce is a formal non-governmental organization from the development of ancient Chinese business culture, which plays an important role in the development of market economy. This paper empirically analyses of the impact of firm’s participation in foreign chamber of commerce on the company’s business performance and its mechanisms,and finds that listed companies’ participation in foreign chamber of commerce significantly improves the company’s business performance. Also, the company’s chairman from other places significantly increases the promotion effect of the hometown chamber of commerce on the company’s performance, and the hometown chamber of commerce has a substitution effect on the market-oriented business environment in the region. Through the mechanism test, we find that participating in foreign chamber of commerce improves the market competitiveness and marketing intensity of enterprises, and reduce the degree of financing constraints. Further research results show that state-owned and large enterprises have advantages in obtaining social resources through chamber of commerce. In addition, foreign chamber of commerce can continuously improve firm performance. This paper is an innovative expansion of the research on Chinese business culture in the field of corporate finance, and provides empirical evidence for understanding the important role of chamber in promoting market-oriented resource allocation.

关 键 词：异地商会 商帮文化 企业绩效 社会资本 

分 类 号：F279.2[经济管理—企业管理] F272.5[经济管理—国民经济]