| China is the only ancient civilization in the world,and its profound cultural tradition has become an important achievement of 5000 years of civilization.Since modern times,in the process of national salvation,the value of traditional culture has been questioned.Indeed,there is dross in traditional culture,but its essence is also an important force in national economic development.Since the 18 th National Congress of the Communist Party of China,giving full play to the vitality of culture in social and economic development is called the strongest voice of the times,and cultural tradition is an important part of it.Cultural tradition is the soul of a country and a nation's thought,a cultural gene precipitated in the blood of a nation,an essential element to strengthen the road of cultural self-confidence development,and an important cultural capital for social and economic development.The governance effect of this paper mainly includes agency cost,equity incentive,risk-taking and capital structure adjustment.Based on the list of Jinshi in Ming and Qing Dynasties,this paper sorts out the information of the native places of the Jinshi in the Ming and Qing Dynasties,and manually collates the data of the native places of the chairman and general manager.The cultural capital is measured by the gentry density of the places of origin of the chairman and the general manager Sample,study the impact of cultural capital on corporate governance.The main contents and conclusions are as follows:First,through the empirical study of cultural capital and agency cost,it is found that cultural capital measured by the gentry density of the chairman's native place has an inhibitory effect on agency cost.Through the heterogeneity test,it is found that with the acceleration of population flow and the improvement of regional economic development level,the inhibitory effect of cultural capital on agency cost will change.Under the regulation of population flow and economic development level,cultural capital will promote the level of agency cost.In order to test the robustness of the conclusion,the paper compares the cultural capital of the chairman's native place with that of the company's registered place.It is found that the greater the difference between the cultural capital of the chairman's native place and that of the company's registered place,the more the increase of agency cost can be restrained.However,the greater the difference of agency cost between the company's registered place and the chairman's native place,the higher the agency cost.In order to further test the robustness of using the cultural capital of the chairman's native place,we select the sub samples of working in different places to test.Through the test,we find that the cultural capital measured by the gentry density of the chairman's native place has a restraining effect on the agency cost.In order to solve the endogenous problem and increase the robustness of the conclusion,we use the influence time of the Taiping Heavenly Kingdom movement as instrumental variables,use the ancestral hall data as the alternative variable of cultural capital,use the gentry density of the general manager's native place as the alternative variable of the independent variable,and use the total asset turnover rate as the alternative variable of the dependent variable to test the robustness The results show that the cultural capital measured by gentry density has an inhibitory effect on agency cost.Through the test of intermediary mechanism,it is found that the connotation and liquidity characteristics of cultural capital are the main mechanism of cultural capital on corporate agency cost.Second,through the empirical study of cultural capital and equity incentive,it is found that cultural capital,measured by the gentry density of the chairman's native place,can promote equity incentive.Through the heterogeneity test,it is found that with the increasing dispersion of cash flow and sales revenue,the promotion effect of cultural capital on equity incentive will change.Under the adjustment of standard deviation of cash flow and sales revenue,cultural capital will inhibit the implementation of equity incentive.In order to test the robustness of the conclusion,this paper compares the cultural capital of the chairman's native place with the cultural capital of the company's registered place.It is found that the greater the difference between the cultural capital of the chairman's native place and the working place,the more can promote the implementation of equity incentive.The greater the difference of agency cost between the company's registered place and the chairman's native place,the less significant the promotion effect.In order to further test the robustness of using the cultural capital of the chairman's native place,we select a sub sample of working in different places to test.Through the test,we find that the cultural capital measured by the gentry density of the chairman's native place has a promoting effect on equity incentive.In order to solve the endogenous problem and increase the robustness of the conclusion,we use the influence time of Taiping Heavenly Kingdom movement as instrumental variables,use the ancestral hall data as the alternative variable of cultural capital,and use the gentry density in the place of the general manager's native place as the alternative variable of independent variable to test the robustness The implementation of equity incentive has a promoting effect.Through the test of intermediary mechanism,it is found that the connotation and compliance of cultural capital are the main mechanism of cultural capital on equity incentive.Third,through the empirical study of cultural capital and risk-taking,it is found that cultural capital measured by the gentry density of the chairman's native place has an inhibitory effect on the level of enterprise risk-taking.Through the heterogeneity test,it is found that with the acceleration of population flow and the improvement of corporate profitability,the inhibitory effect of cultural capital on corporate risk-taking level will change.Under the regulation of population mobility and corporate profitability,cultural capital will promote the level of corporate risk-taking.In order to test the robustness of the conclusion,the cultural capital of the chairman's native place is compared with that of the company's registered place.It is found that the greater the difference between the cultural capital of the chairman's native place and that of the company's registered place,the more can inhibit the increase of the enterprise's risktaking level.The greater the difference of agency cost between the company's registered place and the chairman's native place,the higher the risk-taking level of the enterprise.In order to further test the robustness of using the cultural capital of the chairman's native place,we select the sub sample of working in different places to test.Through the test,we find that the cultural capital measured by the gentry density of the chairman's native place has an inhibitory effect on the enterprise's risk-taking level.In order to solve the endogenous problem and increase the robustness of the conclusion,we use the influence time of Taiping Heavenly Kingdom movement as instrumental variables,use the ancestral hall data as the alternative variable of cultural capital,and use the gentry density in the place of the general manager's native place as the alternative variable of independent variable to test the robustness The level of enterprise risk-taking has a restraining effect.Through the test of intermediary mechanism,it is found that the connotation of cultural capital,the promotion of human capital,the promotion of social class and compliance behavior are the main mechanisms of cultural capital on enterprise risk-taking level.Fourth,through the empirical study of cultural capital and capital structure adjustment,it is found that cultural capital,measured by the gentry density of the chairman's native place,can promote the adjustment of capital institutions.Through the heterogeneity test,we find that with the change of company size and industry capital structure,the promotion effect of cultural capital on capital structure adjustment will change.Under the adjustment of company size and industry capital structure,cultural capital will inhibit the adjustment of company capital structure.In order to test the robustness of the conclusion,the cultural capital of the chairman's native place is compared with that of the company's registered place.It is found that the greater the difference between the cultural capital of the chairman's native place and that of the company's registered place,the faster the capital structure adjustment of the enterprise.However,the greater the difference of agency cost between the company's registered place and the chairman's native place,the more significant the promotion effect does not exist.In order to further test the robustness of using the cultural capital of the chairman's native place,we select the sub samples of working in different places to test.Through the test,we find that the cultural capital measured by the gentry density of the chairman's native place has a promoting effect on the capital structure adjustment.In order to solve the endogenous problem and increase the robustness of the conclusion,we use the influence time of Taiping Heavenly Kingdom movement as instrumental variables,use ancestral hall data as the alternative variable of cultural capital,use the gentry density in the place of the general manager's native place as the alternative variable of independent variable,and use the absolute degree of capital structure deviation from the target capital structure as the alternative variable of dependent variable Through the robustness test,the empirical results verify that cultural capital measured by gentry density can promote the capital structure adjustment.Through the test of intermediary mechanism,it is found that the connotation of cultural capital and the promotion of human capital are the main mechanisms of cultural capital on capital structure adjustment.The overall study finds that cultural capital can effectively restrain the increase of agency costs,urge enterprises to implement equity incentive,reduce the level of enterprise risk-taking,and accelerate the adjustment of enterprise capital structure.It can be seen that cultural capital exerts the effect of economic governance imperceptibly.This paper provides a reasonable basis for the dialectical evaluation of the imperial examination system and highlights the sustained vitality of China's 5000 year old traditional culture.At the same time,this paper provides strong evidence to correctly understand the contemporary value of Chinese traditional culture and how to continue and develop the spiritual value of Chinese traditional culture,and supports the "cultural confidence" proposed since the 18 th CPC National Congress. |
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