儒家文化对企业融资约束的影响研究
Study on the Influence of Confucian Culture on Corporate Financing Constraint

企业融资约束问题是制约我国经济发展中的关键挑战，本文基于2012~2021年我国制造业A股上市公司的面板数据，采用双向固定效应、分段检验方法实证检验儒家文化对于企业融资约束的作用效应及影响机制。结果显示：1) 企业受儒家文献影响程度越深，越有利于企业缓解融资约束，在更换变量衡量方式、改变样本容量后上述结果依然稳健；2) 异质性检验结果发现儒家文化在高法治环境地区对企业融资约束有显著缓解作用，在低法治环境地区儒家文化对企业融资约束的缓解作用并不显著；3) 进一步机制检验结果表明，儒家文化主要通过降低企业经营风险和增加企业社会责任两个渠道缓解企业融资约束。
Corporate financing constraint is a key challenge that restricts China’s economic development. Based on the panel data of China’s manufacturing A-share listed companies from 2012 to 2021, this paper empirically examines the effect and mechanism of Confucian culture on corporate financing constraints by using two-way fixed effect and segment test methods. The results show as follows: 1) The more deeply influenced by Confucian culture, the more favorable it is for enterprises to alleviate financing constraints. The above results are still stable after changing the measurement method of variables and changing the sample size. 2) The heterogeneity test results show that Confucian culture has a significant easing effect on corporate financing constraints in areas with high rule of law environment, but not in areas with low rule of law environment; 3) Further mechanism test results show that Confucian culture alleviates corporate financing constraints mainly through two channels: reducing business risk and increasing corporate social responsibility.