商帮文化与中小金融机构使命漂移  

Merchant Guild Culture and Mission Drift of Small and Medium-sized Financial Institutions

作　　者：侯晓辉[1] 赵婧雯 陈耸 HOU Xiaohui;ZHAO Jingwen;CHEN Song(School of Economics and Finance,Xi'an Jiaotong University;Mico-Finance College,Taizhou University)

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]台州学院小微金融学院,浙江台州318001

出　　处：《金融研究》2024年第11期94-112,共19页Journal of Financial Research

摘　　要：锚定“支农支小”服务定位,避免使命漂移,是强化中小金融机构金融普惠能力、完善我国金融支持实体经济体系的关键。本文基于服务“三农”和小微企业的使命视角,构建中小金融机构使命漂移的指标体系,并使用地理邻近型变量来构建商帮文化影响程度的度量指标。实证分析表明,商帮文化能显著抑制中小金融机构的使命漂移,这一结论在考虑内生性问题和经过一系列稳健性检验后仍然成立。机制检验分析表明,商帮文化可以通过提高群体间的信任水平、促进金融知识的普及、加强居民间的社交联系三个渠道来抑制中小金融机构的使命漂移。进一步研究发现,在政府干预程度较低、非国有经济较为发达、数字普惠金融水平较高的地区,商帮文化抑制中小金融机构使命漂移的作用更加明显。本文为夯实中国特色金融文化之基、构建普惠金融系统提供了新思路。Extensive research finds that traditional culture is a key determinant of firm value and overall economic growth.This study attempts to shift the research focus to the impact of cultural value systems on behavioral norms within the financial industry.We explore a unique cultural characteristic of the regions where small and medium-sized financial institutions(SMFIs)are located—merchant guild culture—and the behavioral norms it induces,such as regional trust,financial literacy,and interpersonal relationships.This cultural milieu may help SMFIs adhere to their social objectives while achieving financial sustainability,thereby mitigating the likelihood of mission drift and contributing to the development of a more inclusive financial service system.Using panel data on SMFIs from 2010 to 2020,we investigate the possible link between merchant guild culture and mission drift of SMFIs.First,following prior literature on culture and finance,such as studies on religion and Confucian thought(Du,2019;Zhang et al.,2021),we construct a set of merchant guild culture variables based on geographical proximity.Secondly,to capture the service orientation of SMFIs in supporting small and micro enterprises(SMEs)and agricultural communities,we employ the breadth of poverty alleviation coverage as a proxy for mission drift.Specifically,we gauge mission drift using two key indicators:the proportion of loans to SMEs and the proportion of agriculture loans.Our empirical results show that merchant guild culture has a significant inhibitory effect on the mission drift of SMFIs.A one-standard-deviation increase in the influence of merchant guild culture reduces the degree of mission drift by 4.57%when measured by the proportion of loans to small and micro enterprises,and by 2.77%when measured by the proportion of agriculture loans.The conclusions remain robust after employing instrumental variables using regional average elevation,propensity score matching(PSM)methods to mitigate endogeneity issues and controlling for random factor dist

关 键 词：商帮文化 中小金融机构 使命漂移 非正式制度 

分 类 号：F832.7[经济管理—金融学] F832.2