博彩文化与公司金融资产投资  

Gambling Culture and Corporate Financial Asset Investment

作　　者：李敏男 Li Minnan

机构地区：[1]复旦大学管理学院

出　　处：《投资研究》2023年第9期111-129,共19页Review of Investment Studies

摘　　要：本文使用2010-2018年A股非金融行业上市公司为样本,研究博彩文化对企业金融资产投资的影响。实证结果表明所在地博彩文化越浓厚,企业金融资产投资水平越低。分组回归进行的机制检验说明博彩倾向主要抑制了公司配置金融资产的“替代”动机。进一步研究发现博彩文化对金融化的负向作用提高了公司研发投入,并对公司业绩产生正向影响。本文从文化环境角度关注公司资产配置行为,丰富了金融化相关的理论研究。Using the yearly data of Chinese A-share listed non-financial firms in 2010-2018 as a sample,this paper investigates the impact of local gambling culture on corporate financial asset investment.Empirical evidence shows that in provinces with stronger gambling culture,firms are less likely to invest in financial assets.Heterogeneity analyses demonstrate that regional gam-bling preference reduces corporate financialization mainly through discouraging the“substitution”motivation.Moreover,further research indicates that in gambling-prone regions,the capital released from the decline of financial assets investment flow to inno-vation projects,improving corporate performance.From the perspective of culture,this paper extends the literature on determi-nants of non-financial corporate financialization.

关 键 词：博彩文化 风险偏好 金融资产投资 

分 类 号：G112[文化科学] F832.51[经济管理—金融学] F275