分类号密级
U D C学校代码 10689
金融硕士专业学位论文
文化多样性对企业商业信用融资的影响
——基于方言视角的研究
The influence of Cultural Diversity on Business Credit
Financing -- Based on the perspective of Dialect
姓名： 王思茜
导师(职称)： 唐青生（教授）
申 请 学 位 类别： 金融硕士
专业： 金 融
研 究 方 向： 金融市场
学院(中心、所)： 金融学院
论文完成时间： 2022 年 11 月 25 日
摘要
摘 要
最近几年，我国学者逐渐对金融经济学中的“文化与金融”的相通和融合加大
了关注。而西方学者已对此进行了大量研究，我国对此领域的研究显得较为薄弱。
我国传统文化底蕴深厚，语言系统繁多，与西方较发达国家相比，我国经济金融
发展中，文化具有十分重要的作用，已逐渐成为与正式制度相互补充的重要因素。
我国作为文明古国，文化背景浓郁，千汇万状种类繁多，而且在历史和地形等因
素的作用下，中华大地出现了异彩纷呈的地方文化，各地方言成为了这些文化形
成、传播的第一载体。因此，我国这一文明古国及其文化传承是研究当下“文化
和金融”的一个理想样本。
本文选择了2010-2021 年间中国Ａ股上市公司为研究样本，并根据《中国语
言地图集》以及《汉语方言大词典》中收录的全国各省市县的方言系数数据来观
测研究当地文化多样性，本文的切入点为区域方言，分析当地文化对企业商业信
用融资的作用影响。实证研究发现，在我国大陆地区内，位于文化多样性较高地
区的企业所获取的商业信用也越多，而在欠缺文化活力的区域内，其企业所获得
的商业信用也较少。研究结果借助工具变量来排除过程中的内生性问题之后，依
然有效。本文在通过替换被解释变量、控制地区人口流动、剔除政策倾斜的特殊
城市及方言难以衡量的区域这一系列稳健性检验之后，结论仍旧成立。并通过机
制检验发现：文化越多元，群体包容性更强，对风险的容忍度更高，该区域企业
获取的商业信用融资也更多。经过机制检验后，本文指出文化多样性对企业商业
信用融资的作用更有可能是由于地区内“多元文化效应”，而非“交流效应”。本
文还发现相对于国有企业、市场化进程较低的区域、金融市场欠发达地区及市场
地位高的公司，文化多样性对于非国有企业、市场开放性较高城市、金融较发达
地区、市场地位低的企业来说，其显著正向作用于企业商业信用融资的可得性。
最后，重点从政府和企业两个方面提出了相关政策建议。
关键词：文化多样性；商业信用融资；非正式制度
I
Abstract
The influence of Cultural Diversity on Business Credit
Financing -- Based on the perspective of Dialect
Si qian Wang
Master of Economics
Directed by Qing sheng Tang
Abstract
In recent years, scholars in China have gradually paid more attention to the
interconnection and integration of "culture and finance" in financial economics. While
Western scholars have conducted a great deal of research on this topic, our research in
this area is relatively weak. Compared with the more developed countries in the West,
culture plays a very important role in the development of China;s economy and finance,
and has gradually become an important factor that complements the formal system. As
an ancient civilization, China has a rich cultural background with a wide variety of
convergences, and a variety of local cultures have emerged in China due to historical
and topographical factors, and local dialects have become the first carrier for the
formation and spread of these cultures. Therefore, this ancient civilization and its
cultural heritage is an ideal sample for studying "culture and finance" in the present.
This paper selects Chinese A-share listed companies as the research sample during
2010-2021, and observes the local cultural diversity based on the dialect coefficients
of provinces, cities and counties in China as recorded in the Dictionary of Chinese
Dialects and the Atlas of Chinese Language, and uses regional dialects as the entry
point to analyze the effect of local culture on corporate business credit financing. The
empirical study finds that within the mainland of China, firms located in areas with
higher cultural diversity also obtain more business credit, while in areas lacking cultural
vitality, their firms also obtain less business credit. The findings remain valid after
excluding the endogeneity of the process with the help of instrumental variables. The
conclusions of this paper still hold after a series of robustness tests by replacing the
II
Abstract
explanatory variables, controlling for regional population movements, and excluding
special cities with skewed policies and regions with difficult-to-measure dialects. And
through the mechanism test, we find that the more culturally diverse, the more inclusive
the group is, the more tolerant to risk, and the more business credit financing companies
in the region obtain. After the mechanism test, this paper suggests that the effect of
cultural diversity on business credit financing is more likely to be due to the
"multicultural effect" rather than the "exchange effect" in the region. The paper also
finds that cultural diversity has a significant positive effect on the availability of
business credit financing for non-state enterprises, cities with more open markets, more
developed financial regions, and firms with low market positions, compared to state-
owned enterprises, regions with less developed markets, and firms with high market
positions. Finally, relevant policy recommendations are made focusing on both
government and business aspects.
Key Words: Cultural Diversity;Business Credit Financing; Informal Institutions
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