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外商投资企业债务融资——一种文化视角的行为解释
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TitleDebt Financing of Foreign-funded Enterprises——Behavioral Interpretation from Cultural Viewpoint  
作者王进猛 沈志渔  
AuthorWang Jinmeng and Shen Zhiyu  
作者单位南京审计大学金融学院;中国社会科学院工业经济研究所 
OrganizationSchool of Finance, Nanjing Audit University;Institute of Industrial Economics, Chinese Academy of Social Sciences 
作者Emailjinmengwang@163.com;shen0566@vip.sina.com 
中文关键词外资企业 债务融资 文化差异 权力距离 个体主义 
Key WordsForeign-funded Enterprises;Debt Financing;Cultural Difference;Power Distance Individualism 
内容提要与传统资本结构理论主要基于经济因素而忽视了行为规范对企业债务融资影响不同,我们从文化角度考察了投资来源国与我国文化差异对外资企业债务融资行为的作用机制和结果。在解决文化差异可能产生的内生性问题之后,本文基于企业微观层面的数据研究发现:(1)中外之间文化差异越大,外资企业负债水平越低。主要因为文化差异增加了外资企业债务融资的交易费用,进而增加了债务融资难度。具体表现在权力距离差异和集体主义与个体主义差异越大,外资企业越难向银行获得贷款,债务水平越低。而刚柔性差异、不确定规避差异和长期导向差异越大越有利于外资企业向银行贷款。(2)文化差异对外资企业债务融资的负面影响随着经营时间推移被进一步强化,而不是缓和。这种强化关系是通过权力距离差异和集体主义与个体主义差异产生的。(3)中方控股缓和了文化差异对债务融资的不利影响。主要由于中方控股减轻了我国高权力距离对外资企业债务融资的负面作用,增强了长期导向对债务融资正面促进作用。本研究不仅为我国内外资企业负债水平差异提供了文化解释,也为我国“走出去”企业解决债务融资和控制财务风险提供了参考。 
AbstractDifferent from the traditional theory of capital structure which is mainly based on economic factors and ignores the influence of norms on debt financing, this paper investigates the impact of cultural difference between original country and China on the mechanism and the results of debt financing of Foreign-funded Enterprises(FFEs) with the data from micro level. After solving the endogenous problem that may arise from the cultural differences, we find that(1)the larger cultural difference between original country and China,the more difficultly FFEs obtain loan from domestic banks,and the fewer debt they will have.Mainly because Cultural differences increase the transaction costs,which lead to fewer availability of debt financing for FFEs. All these are caused by the differences of power distance and individualism,specifically FFEs will get fewer loans if they come from countries with low power distance or high individualism.But the bigger difference of masculinity,uncertainty avoidance and long term orientation will help FFEs to borrow money from domestic banks.(2)Longer operating period will make FFEs with bigger cultural difference obtain loan more difficultly, which is caused by the differences of power distance and individualism. (3)But with increase of cultural difference,FFEs controlled by China investors will get loan more easily than those controlled by foreign investors.Mainly because the Chinese holding reduces the negative effect of China's high power distance and enhances the positive effect of the long-term orientation on the debt financing of FFEs. The findings are not only useful to interpret ownership discrimination of debt financing in China culturally,but also provide out-going enterprises of China with reference to finance debt and control financial risk.  
文章编号WP1244 
登载时间2017-11-30 
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