企业诚信文化与融资约束
摘
要
随着文化在国家综合竞争力中的地位日益突出，企业文化在企业价值方面的作用也
越来越明显，而企业文化中，诚信文化是重中之重，因此其在现代社会中受到许多关注。
但是，由于我国资本市场的发展时间比较短、法律制度尚不完善，上市公司拖欠货款、
逾期贷款、信息披露不及时等诚信缺失行为屡见不鲜，这不仅损害了投资者的利益，还
降低了市场的融资效率，严重阻碍着经济发展。因此，政府采取了一系列措施来构建社
会诚信体系，企业对诚信文化的建设也愈发重视。
近年来，企业诚信文化这一话题受到学者们的广泛关注，但是从目前已有的成果来
看，企业诚信文化对企业行为和绩效的影响是研究热点，诚信文化带来的外部影响似乎
未受到关注。通常来说，具有诚信文化的企业更能受到外部投资者的青睐。基于此，本
文通过企业声誉和信息披露质量两条路径，探究企业诚信文化与融资约束之间的关系，
以论证企业诚信文化带来的外部影响，并为企业缓解融资约束问题提供一定的理论依据
和经验建议。
首先，在梳理了企业诚信文化和企业融资约束的相关文献之后，发现文化因素能在
缓解企业融资约束方面发挥作用，由此产生研究动机，并对二者之间的理论基础进行了
初步分析。其次，从企业声誉和信息披露质量两条路径分析了企业诚信文化对融资约束
的作用机理，且基于上述分析提出了相应的假设。另外，考虑到企业自身特征存在差异，
论文还从企业规模、产权性质、会计师事务所规模、公司治理水平四个方面展开了进一
步研究。最后，采用我国 2009—2020年非金融类、非 ST类的 A股上市公司为研究样
本，在控制了企业规模、企业年龄、盈利能力、现金比率、董事会规模、产权性质等变
量的基础上，实证检验了企业诚信文化对融资约束的影响程度，得到了以下结论：第一，
企业诚信文化与融资约束呈负相关关系，即企业诚信文化的存在确实能够有效缓解企业
面临的融资约束程度；第二，企业声誉和信息披露质量在企业诚信文化对融资约束的影
响过程中发挥部分中介效应；第三，企业诚信文化对融资约束的缓解作用在小规模企业、
非国有企业、非“四大”审计的企业、以及公司治理水平较差的企业中更为显著。此外，
上述结论在替换解释变量、增加遗漏变量、PSM检验和引入工具变量四种检验下依然可
靠。
本文通过理论分析和实证检验，得到了企业诚信文化有利于促进企业良性发展的结
论，故从企业、政府以及社会三个方面提出了建设诚信文化的建议：第一，企业不应把
诚信文化当成获得公众好感的口号，而应将诚信文化作为企业文化的核心，大力提倡和
宣传，并且将其真正落到实处；第二，政府应该加快建设诚信体系的脚步，加强对企业
的监管，同时政府也要注重树立自身的诚信，保障政府公信力；第三，充分发挥好社会
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摘要
中介机构的监督作用，提高企业贯彻诚信行为的自觉性。
关键词：诚信文化；融资约束；声誉；信息披露
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企业诚信文化与融资约束
Abstract
With the increasingly prominent position and role of culture in the country's
comprehensive competitiveness, the role of corporate culture in enhancing corporate value and
business performance has also become prominent, and corporate integrity culture, as one of the
important contents of corporate culture, has received a lot of attention in today's society.
However, due to the development time of our country’s capital market is relatively short and
the legal system is not perfect, it is common for listed companies to default on payment, overdue
loans, and lack of integrity in information disclosure. This not only harms the interests of
investors, but also reduces financing efficiency of the market and seriously hinders economic
development. Therefore, the government has taken a series of measures to build a social
integrity system, and enterprises have paid more and more attention to the construction of
integrity culture.
In recent years, the topic of corporate integrity culture has also received more and more
attention from scholars, but most of the existing research results focus on the impact of
corporate integrity culture on corporate behavior and performance, and rarely involve the
external effects of corporate integrity culture. Generally speaking, companies with a culture of
integrity are more favored by external investors. Based on this, this thesis explores the
relationship between corporate integrity culture and financial constraints through the two paths
of corporate reputation and information disclosure quality, so as to demonstrate the external
effects of corporate integrity culture, and provide certain theoretical basis and empirical
suggestions for enterprises to alleviate the problem of financial constraints.
First of all, after combing through the relevant literature on corporate integrity culture and
corporate financial constraints, it is found that cultural factors can play a role in alleviating
corporate financial constraints, which generates research motivation, and the theoretical basis
between the two is preliminarily analyzed. Secondly, the mechanism of the role of corporate
integrity culture on financial constraints is analyzed from the two paths of corporate reputation
and information disclosure quality, and corresponding hypotheses are proposed based on the
above analysis. In addition, considering the differences in the characteristics of enterprises
themselves, further research has been carried out from four aspects: enterprise scale, property
rights, accounting firm scale, and governance level. Finally, using China's 2009-2020 non-
financial and non-ST-listed A-share listed companies as a research sample, on the basis of
controlling variables such as corporate scale, corporate age, profitability, cash ratio, board size,
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