非正式制度与企业融资约束:来自地区诚信的经验证据  

Informal Institutions and Corporate Financing Constraints:Empirical Evidence from Regional Integrity

作　　者：刘贝贝 李婷婷 李春涛 LIU Bei-bei;LI Ting-ting;LI Chun-tao(School of Economics,Henan University,Kaifeng 475004,China;International Business School,Henan University,Zhengzhou 450046,China)

机构地区：[1]河南大学经济学院,河南开封475004 [2]河南大学国际商学院,河南郑州450046

出　　处：《现代财经(天津财经大学学报)》2025年第2期55-70,共16页Modern Finance and Economics:Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金面上项目(72072051);河南省高等学校哲学社会科学创新人才支持计划(2025-CXRC-26)。

摘　　要：地区诚信作为一种非正式制度可以缓解企业融资约束,提升企业价值,促进企业高质量发展。本文利用2005—2020年中国A股上市公司的样本,创新性地使用北大法宝公布的诈骗案件数量构建“年度—城市”层面的诚信指数,探究地区诚信对当地企业融资约束的影响,实证结果发现:(1)诚信地区的企业面临的融资约束较少,且这种作用在市场化程度较低地区及低成长性企业中更为显著,表明诚信可以弥补制度缺陷和低成长性对企业融资约束的负面影响,经过一系列稳健性检验后本文的研究结论依然成立。(2)机制分析表明,地区诚信可以通过降低企业信息不对称程度和提高企业声誉来缓解融资约束。(3)经济后果分析表明,地区诚信通过缓解企业融资约束有效提升了企业价值。本研究丰富了非正式制度对企业行为影响的理论,揭示了地区诚信在缓解企业融资约束中发挥的关键作用,为社会主义核心价值观的诚信文化建设提供了来自资本市场的经验证据。Integrity culture,as an informal institution,can alleviate corporate financing constraints,enhance corporate value and promote corporate high-quality development.This paper utilizes a data set of Chinese A-share listed firms from 2005 to 2020,innovatively constructs the regional integrity index at the“year-city”level by using fraud case judgment document from the PKU Law Info platform,and explores the impact of regional integrity on corporate financing constraints.Empirical results show that:(1)Firms face fewer financing constraints in regions with high integrity,which is more pronounced in regions with low marketization level and in low growth firms,which indicating that integrity can mitigate the adverse effects of institutional weakness and poor growth on financing constraints.After a series of robustness tests,the conclusions of this paper still hold.(2)Mechanism analysis shows that regional integrity alleviates financing constraints by reducing information asymmetry and enhancing firm reputation.(3)The analysis of economic consequence indicates that regional integrity enhances firm values by alleviating corporate financing constraints.This paper enriches the research on the impact of informal institutions on corporate behaviors,highlights the crucial role of regional integrity in alleviating corporate financing constraints,and provides empirical evidence from the capital market to support the integrity construction of socialist core values.

关 键 词：地区诚信 融资约束 信息不对称 企业声誉 企业价值 

分 类 号：F275.5[经济管理—企业管理]