阅读|中国文化、物质主义与公司的贸易信贷供给
Chinese culture, materialism and corporate supply of trade credit
Xian Chen and Jakob Arnoldi
Department of Management, School of Business and Social Sciences,
Aarhus University, Aarhus, Denmark, and
Xin Chen
Shanghai Advanced Institute of Finance, Shanghai, China
Citation:
Chen, X., Arnoldi, J. and Chen, X. (2019), "Chinese culture, materialism and corporate supply of trade credit", China Finance Review International, Vol. 10 No. 2, pp. 197-212. https://doi.org/10.1108/CFRI-11-2018-0147
摘要
摘要：本文研究物质主义的文化如何影响公司的贸易信贷供给。运用中国上市公司1998年至2012年的14710个公司-年份的样本观测值，我们对区域物质主义文化影响公司应收账款进行了研判。我们发现处于更物质主义地区的上市公司倾向于为其客户提供较少的贸易信贷，尤其是长期贸易信贷。物质主义产生的该负面影响可被国有控制的特性所缓和，意味着在民营控制的上市公司物质主义产生的负面影响较为明显。我们还控制了其他可能影响贸易信贷供给的区域因素，如信任、人均GDP或机构发展等，基本未影响物质主义对贸易信贷供给负面影响的发现。
我们的研究显示物质主义作为一个在中国不同地区具有变化的文化指标，不仅具有现有文献中对消费者使用信用的影响，还可对公司的贸易信贷供给产生重要影响。本文将关于物质主义对经济决策影响的文献从个人层面扩展至公司层面。
关键词：物质主义；贸易信贷供给；应收账款；中国文化；中国
Purpose
The purpose of this paper is to investigate how cultural value in materialism affects corporate supply of trade credits.
Design/methodology/approach
Using a sample of 14,710 firm-year observations of Chinese listed firms from 1998 to 2012, the authors examine the influence of regional materialism on accounts receivable.
Findings
The authors find that listed firms within more materialistic tend to extend less trade credit to their customers, in particular in long-term categories of trade credit. Such negative effects can be significantly mitigated by state control, suggesting the effects are more pronounced in privately controlled listed firms. The negative effects of materialism still hold after controlling for other regional factors, such as trust, GDP per capita or institutional development.
Research limitations/implications
The authors show materialism as a cultural construct varies across Chinese regions, and it could have important impact on corporate supply of trade credits, besides the previous found effects on consumer use of credit.
Originality/value
This paper expands the literature about the influence of materialism on economic decision making from the individual level to the corporate level.
文章结构
Introduction
Literature and hypothesis development
H1. Listed firms located within more materialistic regions tend to provide less trade credit to customers.
H2. The negative effect of materialism on the provision of trade credit is less prominent for state-controlled firms.
Research design
3.1 Sample
3.2 Measure of materialism
3.3 Measures of trade credit supply
3.4 Control variables
Empirical results
4.1 Descriptive statistics
4.2 Estimating the effects of materialism on trade credit supply
4.3 State control and the effects of materialism on trade credit supply
4.4 Firm characteristics and the effects of materialism on trade credit supply
4.5 Regressions controlling for regional environment
4.6 Robustness tests
Conclusions
研究成果
Summary statistics of firm characteristics
Regressions of materialism on supply of trade credit
State control and effects of materialism on supply of trade credit
Firm characteristics and effects of materialism on supply of trade credit
Regional environment and effects of materialism on supply of trade credit
Regressions of materialism on net supply of trade credit
作者简介
陈娴现任丹麦奥胡斯大学商业与社会学部管理系及中丹教育与研究中心博士生。她主要研究方向为文化在公司及个人行为中的角色，在多家中英文杂志中均有论文发表，并曾获得Emerald出版集团2013 Highly Commended Paper Award。
Jakob Arnoldi现任丹麦奥胡斯大学商业与社会学部管理系教授，并在中丹教育与研究中心兼职。他具有伦敦大学社会学博士学位，目前主要研究方向为中国商业与政治的交互影响，在中国商业、风险、专业技巧与金融科技方面具有大量成果发表。
陈欣现任上海交大上海高级金融学院会计学教授、博士生导师, 主要研究方向为会计与资本市场、公司财务及证券投资策略。陈欣教授于2005年获明尼苏达大学金融学博士学位,曾在世界银行、中国人民大学、中欧国际工商学院、麻省理工学院、奥胡斯大学、上海交大安泰经管学院、云南大学等机构工作或访问,在《管理世界》、《会计研究》、《金融研究》、《审计研究》、China Economic Review、Pacific-Basin Finance Journal、Management and Organization Review、Asian Business and Management、China Journal of Accounting Research等国内外著名学术期刊及国际会议发表学术论文数十篇，获得多项学术研究奖项，曾主持国家自然科学基金等多项科研项目，并入选上海市浦江人才计划。
相关链接：
中国高铁负债近五万亿，为什么我们不用担心？（详见“阅读原文”）
下图为陈欣教授照片：
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