非正式制度影响企业现金股利政策吗?——基于商帮文化的视角  

Informal Institutions and Distribution of Corporate Cash Dividends:From the Perspective of Merchant Guild Culture

作　　者：莫亚琳[1] 黄奕涵 韦凤兰 Mo Yalin;Huang Yihan;Wei Fenglan(School of Economics,Guangxi University,Nanning 530004,China)

机构地区：[1]广西大学经济学院,530004

出　　处：《南开经济研究》2024年第12期227-245,共19页Nankai Economic Studies

基　　金：广西高校人文社会科学重点研究基地“广西发展战略研究院”课题(2024GDSIYB11)的资助。

摘　　要：商帮文化作为一种非正式制度,形成于商帮长期的经营实践,深刻影响帮域内企业的价值观念与经营管理行为。本文选取我国2009—2021年沪深A股上市公司为样本,实证检验了商帮文化对企业现金股利分配的影响。研究结果表明,商帮文化对企业现金股利分配倾向与现金股利分配力度均有显著的促进作用,且这种作用在非国有企业、东部地区企业,以及处于成熟期和衰退期的企业中更强。机制研究发现,商帮文化可通过增加商业信用融资、提高内部控制质量及降低信息不对称等路径促使企业实施积极的现金股利分配政策。此外,地区法治水平能够强化商帮文化对企业现金股利分配的促进作用。本文不仅丰富了关于商帮文化和企业现金股利分配的研究,对中华传统文化传承和企业文化管理也具有积极的启示意义。As an informal system,the merchant guild culture is formed from the long-term business practice of the business group,which profoundly affects the value concept and management behavior of the enterprises in the business community.Based on the data of Ashare listed companies from 2009 to 2021,this paper explores the influence of merchant guild culture on the distribution of corporate cash dividends.The results show that the merchant guild culture plays a significant role in promoting the tendency and the level of cash dividend payment.Specifically,the more pronounced the influence of merchant guild culture in non-state-owned enterprises,businesses located in the eastern regions,and those in mature and declining stages.Channel analyses indicate that the merchant guild culture affects the distribution of cash dividends mainly by enhancing commercial credit,improving internal control quality,and reduce the information asymmetry.Additionally,the regional legal environment can strengthen the promotional effect of merchant guild culture on corporate cash dividend distribution.This paper not only enriches the research on merchant guild culture and cash dividend distribution but also holds positive implications for the transmission of social culture and corporate cultural management.

关 键 词：商帮文化 现金股利分配 非正式制度 社会资本 

分 类 号：F27[经济管理—企业管理]