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论文编号：	14632
作者编号：	1120201110
上传时间：	2024/6/5 15:50:54
中文题目：	儒家文化与外资企业融资行为研究
英文题目：	Research on Confucian Culture and Financing Behavior of Foreign Enterprises
指导老师：	古志辉
中文关键字：	儒家文化；外资企业；融资行为；股权结构；资本结构
英文关键字：	Confucian culture; foreign enterprises; financing behavior; ownership structure; capital structure
中文摘要：	文化是影响企业融资选择的重要因素，但以往对该问题的研究多是进行跨文化比较，而东道国文化如何影响外资企业融资尚未得到足够关注。自改革开放以来，外资企业为中国的发展做出了重要贡献，已成为中国经济的重要组成部分。儒家文化作为中国社会的主流价值观，对中国企业的管理行为有着持续的影响。东道国的文化环境是外资企业经营战略的重要决定因素。因此，儒家文化可能对在华外资企业的管理决策过程形成重要影响。本文的研究具体分析了儒家文化如何影响在华外资企业的融资行为。 首先，本文在梳理相关理论和研究文献的基础上，从文化的定义出发，深入分析了文化影响的持续性以及文化与管理行为的关系。在此基础上，本文结合儒家文化的特征，讨论了儒家文化可能对管理行为产生的影响。进一步的，本文构建了一个分析儒家文化影响外资企业管理行为的理论框架。 然后，本文将交易成本理论和资本结构理论分别结合到儒家文化与外资企业管理行为的分析框架中，具体分析了儒家文化对外资企业股权结构和资本结构的影响，并进行了实证检验。研究样本来自1998-2013年中国工业企业数据库中的外资企业，同时结合商务部网站披露的信息确定外资企业的国籍。儒家文化的度量采用企业所在地一定范围内的清代进士数量。此外，本文以企业所在城市小河流数量作为工具变量进行了稳健性检验。结果表明：（1）处于儒家文化氛围浓厚地区的外资企业更倾向于选择独资的股权结构或是在合资企业中持有较高比例的股份，并且获得国有资本注入的可能性更低；（2）儒家文化通过促进短期负债，显著提升了外资企业的总资产负债率，而对长期负债率则表现为抑制效应；（3）机制分析表明，社会嵌入水平和文化适应程度的增加均削弱了儒家文化的影响。外资企业母国较高的投资者保护水平使儒家文化对外资企业吸纳国有资本的阻碍作用更加明显，债权人保护降低了儒家文化对外资企业总资产负债率和短期负债率的促进作用，但强化了对长期负债率的抑制效应。 最后，本文从创新、生产效率和环境污染三方面考察了儒家文化对外资企业融资行为的影响所产生的经济与社会结果。结论如下：（1）儒家文化通过阻碍外资企业吸纳国有资本抑制了创新，而儒家文化对外资企业长期负债的抑制作用则减少了对创新的阻碍；（2）儒家文化对外资企业负债率的促进作用能够形成监督与激励效应，提升生产效率，但这一现象主要表现在短期负债上；（3）由于外商持股比例的提升更有利于发挥技术效率优势，儒家文化对外商持股的促进作用对环境绩效存在积极影响，并且儒家文化对外资企业获得国有资本的抑制作用缓解了国有持股对环境绩效的负面效应。 本文通过对儒家文化与外资企业融资行为关系的研究，创新性地使用社会嵌入理论来分析东道国文化对外资企业的影响，为今后探讨文化与管理行为之间关系提供了一个全新的分析视角和理论框架，也丰富了文化与公司金融和儒家传统文化为两个研究领域的相关文献。在实证研究上，本文通过文本匹配技术准确地落实了外资企业的国籍信息，并且进一步构建了一个涵盖历史、地理、企业等不同类型数据的数据库，在如何利用大数据来实证分析文化与企业行为关系的实证研究方法上进行了创新。在管理实践方面，本文对理解儒家文化情境中的管理行为和外资企业如何选择正确的财务战略进入中国市场具有一定指导意义，对儒家文化作用机制的分析也为外资企业如何实现在中国的本土化以及政府如何更好地引入外资企业探索出了一个新的路径。
英文摘要：	Culture plays a pivotal factor influencing the financing decisions of enterprises. However, most previous studies on this issue have been cross-cultural comparisons, and the impact of host country culture on the financing behavior of foreign enterprises has been largely overlooked. Since the initiation of reform and opening process, foreign enterprises have made significant contributions to China's development and become an important part of the Chinese economy. Confucian culture, as the main values of Chinese society, has a continuous impact on the management behavior of Chinese enterprises. The cultural environment of the host country is an important determinant of the strategies of foreign enterprises. Therefore, Confucian culture may have a significant influence on the management decision-making process of foreign enterprises in China. This study will analyze how Confucian culture influences the financing behavior of foreign enterprises in China. First, based on a review of relevant theories and literatures, this paper starts from the definition of culture and delves into the continuity of cultural influence and its relationship with management behavior. On this basis, this paper discusses the impact of Confucian culture on management behavior by integrating the characteristics of Confucianism. Furthermore, the paper constructs a theoretical framework for analyzing the influence of Confucian culture on the management behavior of foreign enterprises. Then, this paper combines transaction cost theory and capital structure theory into the analysis framework for examining the influence of Confucian culture on foreign enterprises. Specifically, it analyzes the impact of Confucian culture on the ownership structure and capital structure of foreign enterprises and conducts empirical tests. The research sample is from foreign enterprises in the Chinese industrial database from 1998 to 2013, combined with information disclosed on the Ministry of Commerce website to confirm nationality. The measurement of Confucian culture uses the number of Jinshi degree holders in a certain area where the company is located during in the Qing Dynasty. In addition, the number of small rivers in the city where the enterprise is located is used as an instrumental variable for robustness testing. The results show that: (1) Foreign enterprises in regions with a strong Confucian cultural atmosphere are more likely to choose the ownership structure of foreign wholly-owned or hold a larger proportion of shares in joint ventures, while being less likely to receive state-owned capital; (2) Confucian culture significantly increases the total debt ratio of foreign enterprises by promoting short-term debt, while showing a inhibiting effect on long-term debt ratios; (3) Mechanism analysis indicates that the increased embeddedness and acculturation weakens the impact of Confucian culture. Furthermore, a higher level of investor protection in the home country of foreign investors accentuates the inhibitory effect of Confucian culture on foreign enterprises absorbing state-owned capital. Creditor right reduces the facilitating effect of Confucian culture on the total debt ratio and short-term debt ratio of foreign enterprises, but strengthens the inhibiting effect on the long-term debt ratio. Finally, this paper examines the economic and social outcomes of the impact of Confucian culture on the financing behavior of foreign enterprises from the perspectives of innovation, productivity, and pollution. The main conclusions are as follows: (1) Confucian culture inhibits foreign enterprises innovation by impeding absorption of state-owned capital, while the inhibiting effect of Confucian culture on the long-term debt of foreign enterprises reduces the obstacles to innovation; (2) The facilitating effect of Confucian culture on the debt ratio of foreign enterprises can generate a supervisory and incentive effect, enhancing productivity, but this mechanism is mainly manifested in short-term debt; (3) As the increase in the proportion of foreign ownership amplified the advantage of technology, the facilitating effect of Confucian culture on foreign ownership has a positive impact on environmental performance. Furthermore, the inhibiting effect of Confucian culture on foreign enterprises in obtaining state-owned capital mitigates the negative effects of state ownership on environmental performance. By studyin the relationship between Confucian culture and financing behavior of foreign enterprises in China, this paper innovatively uses the embeddedness theory to analyze the influence of host country culture on foreign enterprises, providing a new research perspective and theoretical framework for the future discussion of the relationship between culture and management behavior, and enriching the literature in the filds of corporate finance and Confucian culture. In empirical, this paper accurately implements the nationality information of foreign enterprises through text matching technology, and further constructs a database covering different types of data such as history, geography, and enterprises. This paper innovates research methods on how to use big data to empirically analyze the relationship between culture and enterprise behavior. In the aspect of management practice, this paper has certain guiding significance for understanding management behavior in Confucian culture and how foreign enterprises choose the right financial strategy to enter the Chinese market. The analysis of the mechanism of Confucian culture also explores a new path for foreign enterprises to realize localization in China and for Chinese government to better introduce foreign enterprises.
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