本文關(guān)鍵詞：宗教氛圍與投資中的代理沖突——基于上市公司附近寺廟數(shù)的實(shí)證研究，由筆耕文化傳播整理發(fā)布。

宗教氛圍與投資中的代理沖突——基于上市公司附近寺廟數(shù)的實(shí)證研究

Religious Atmosphere and Agency Conflicts in Corporate Investment：An Empirical Study Based on the Number of Temples around Listed Companies

[1] [2]

Zeng Quan, Pei Hongmei （School of Management, X iamen University, Fuj ian Xiamen 361005, China）

廈門大學(xué)管理學(xué)院,福建廈門361005

文章摘要：經(jīng)濟(jì)運(yùn)行依托于特定的社會(huì)制度，然而中國(guó)經(jīng)濟(jì)的高速增長(zhǎng)難以從正式制度的角度理解。因而，文章旨在探索宗教作為非正式制度安排對(duì)微觀經(jīng)濟(jì)運(yùn)行所發(fā)揮的作用，并進(jìn)一步研究了非正式制度與正式制度之間的交互作用對(duì)公司行為的影響。文章手工收集了2001年至2012年A股上市公司注冊(cè)地附近重點(diǎn)寺廟的個(gè)數(shù)，并采用自由現(xiàn)金流對(duì)過度投資的反應(yīng)系數(shù)衡量投資活動(dòng)的代理沖突，，檢驗(yàn)了宗教氛圍是否影響了公司投資活動(dòng)中所有者與管理者之間的代理沖突。結(jié)果顯示公司的宗教氛圍與代理沖突之間存在顯著的負(fù)相關(guān)關(guān)系，說明宗教氛圍有助于抑制投資的代理沖突；研究還發(fā)現(xiàn)正式的制度環(huán)境負(fù)向調(diào)節(jié)了宗教氛圍對(duì)代理沖突的抑制作用。

Abstr：Economic operation relies on specific social institutions, but it is difficult to explain the rapid development of Chinese economy from the perspective of formal systems. Therefore, this paper explores the role of religion as an informal system in mieroeconomic operation, and further investigates the effects of the interaction of informal and formal systems on corporate be- havior. Using the hand-collected data of the number of temples around listed firms from 2001 to 2012, this paper takes the coefficient of the response of free cash flow to over-investment as a proxy of agency conflicts in corporate investment, and examines whether religious atmosphere af- fects agency conflicts between owners and managers in corporate investment. It finds that reli- gious atmosphere is significantly negatively associated with agency conflicts, suggesting that reli- gious atmosphere is conducive to the mitigation of agency conflicts in corporate investment. Mo- reover, it also shows that formal systems attenuate the negative association between religious at- mosphere and agency conflicts.

文章關(guān)鍵詞：

Keyword：:religious atmosphere agency conflict over-investment free cash flow

  本文關(guān)鍵詞：宗教氛圍與投資中的代理沖突——基于上市公司附近寺廟數(shù)的實(shí)證研究，由筆耕文化傳播整理發(fā)布。