文化适应性与企业投资决策:来自异地投资的证据  

Cultural Adaptation and Corporate Investment Decisions:Evidence from Inter-regional Investments

作　　者：李丹 肖土盛 袁淳[3] Li Dan

机构地区：[1]北京科技大学经济管理学院,100083 [2]中央财经大学会计学院/中国管理会计研究与发展中心,100081 [3]中央财经大学会计学院,100081

出　　处：《会计研究》2024年第10期136-150,共15页Accounting Research

基　　金：国家自然科学基金面上项目(72272167,72272169);中央财经大学中央高校基本科研业务费专项资金资助。

摘　　要：企业异地投资关系着资本内循环。利用我国A股上市公司新增子公司数据,本文从机会主义文化角度探讨了企业与区域文化的适应性对异地投资行为的影响。研究发现,当企业与本地区文化环境的适应性较低时,企业更倾向于进行异地投资,以逃离不利的经营环境。从地理区位选择来看,企业倾向于到与自身特质更加适应的区域文化环境中进行异地投资。从投资效果来看,企业选择文化适应性较高的地区进行异地投资,将显著提升其资本配置效率和投资绩效,这种提升作用主要通过促进企业合作交流、降低管理沟通成本等机制来实现。本文为理解企业文化与区域文化互动及其对企业投资决策影响提供了经验证据,对加深认识文化在经济发展中的功能和作用具有启示意义。Corporate inter-regional investment is an important channel for building the domestic economic cycle.This paper explores the impact of firms'adaptation to regional culture on inter-regional investment based on the sample of newly-established inter-province subsidiaries of A-share listed firms in China from 2006 to 2017.We find that(1)Firms'low cultural adaptation to home region promote corporate inter-regional investment.(2)Firms are more likely to invest in regions with cultural environments that are more compatible with their own culture value(3)Firms have better investment performance when investing in more culturally adapted regions through better cooperating with new stakeholders and reducing management cost.(4)The impact of cultural adaptation on inter-regional investments is also affected by the state ownership and corresponding regional formal institutions.Our findings have implications for firms to make location choice during inter-regional investment and can help governments attract capital flows.

关 键 词：文化适应性 异地投资 机会主义文化 跨地区发展 

分 类 号：F27[经济管理—企业管理]