文献类型：期刊文献

中文题名：地区社会信任对企业股权结构的影响研究——来自CGSS和中国上市公司的经验证据

英文题名：A Study on the Influence of Regional Social Trust on Corporate Equity Structure—Empirical Evidence from CGSS and Chinese Listed Firms

作者：宋渊洋[1];赵嘉欣[2]

机构：[1]华东理工大学商学院,上海200237;[2]中山大学管理学院,广东广州510275

年份：2021

卷号：43

期号：4

起止页码：42

中文期刊名：当代经济科学

外文期刊名：Modern Economic Science

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：国家自然科学基金项目“东道国社会信任、海外子公司治理结构设计及绩效的关系研究”(71772062)。

语种：中文

中文关键词：社会信任;社会群体;股权结构;股权集中度;公司治理;制度环境;企业业绩

外文关键词：social trust;social group;equity structure;equity concentration;corporate governance;institutional environment;corporate performance

摘要：股权结构是企业的核心治理结构安排,对股东参与公司治理的动机和行为有重要影响。本文使用来自中国综合社会调查(CGSS)的社会信任数据和中国上市公司数据探讨了地区社会信任这一非正式制度对企业股权结构的影响机理。研究发现:(1)地区外群体社会信任对企业股权集中度有负向影响,地区内群体社会信任对企业股权集中度有正向影响,说明内群体社会信任程度高和外群体社会信任程度低的社会信任格局是中国企业股权结构高度集中的重要成因;(2)地区正式制度环境与外群体社会信任可以相互替代:地区正式制度环境越好,外群体社会信任对企业股权集中度的负向影响越弱;(3)企业业绩越好,地区外群体和内群体社会信任对企业股权集中度的影响越弱。
Corporate equity structure is the core arrangement of corporate governance,and it has an important influence on shareholders’motivation and behavior to participate in corporate governance.Based on the data of CGSS and Chinese listed firms,this study discusses the influence of regional social trust,an important dimension of regional informal institutional environment,on corporate equity structure.The study finds that:(1)Regional out-group trust has a negative effect on the concentration of corporate equity,while regional in-group trust has a positive effect on the concentration of corporate equity,indicating that the social trust pattern of high in-group trust and low out-group trust is an important cause of the concentrated equity structure of Chinese firms.(2)The regional formal institutional environment substitutes for regional out-group trust:the better the regional formal institutional environment,the weaker the negative influence of out-group trust on the concentration of corporate equity.(3)The better the performance of the firm,the weaker the impact of regional out-group trust and in-group trust on the concentration of corporate equity.