【摘要】 公司的融资关系到公司经营与发展的稳定性,在学术界有关公司融资行为的研究很多,但很少有人考虑到社会文化环境这一重要因素对公司融资行为的影响。笔者以50个城市中的870家上市公司为样本,将50个城市的文化竞争力作为高层次变量,利用分层线性模型来研究文化环境对上市公司融资行为的影响。结果发现:上市公司之间融资净流入的变异有8.4%是由地区文化之间的差异造成的;区域文化环境在资产负债率与融资净流入间起到了调节作用。综合研究结果,笔者认为当上市公司处在具有创新精神、创新文化氛围较高、价值取向良好的文化环境中时,融资会相对较好。更多还原

【Abstract】 The financing activity is a key factor that influences the development and stability of the firm. While there are many researches already conducted on the corporate financing behaviors,there are relatively few empirical studies that identify the influence of the culture environment,which is also an essential factor that affects the financing activity of the firm. In this article,the effect of culture environment on financing behaviors is studied based on the data of 870 listed companies,which are located in 50 Chinese cities.Taking the culture competitiveness of the 50 cities as high level variable and applying the hierarchical linear model,we get the results of how culture environment influences the financing behavior of these listed firms. There are 8. 4% differences between the firms’ financial inflows,which is due to the regional culture differences of these firms. The culture environment acts as moderator between the company’s asset-liability ratio and net inflow of financing. Finally,we find culture competitiveness would help companies with the financing.更多还原