Does religion matter to informal finance? Evidence from trade credit in China
Does religion matter to informal finance? Evidence from trade credit in China
复制标题
宗教对非正式金融重要吗？
DOI：
10.1080/00343404.2019.1575506
复制
发表时间：
2019-04-25
期刊：
影响因子：
4.6
通讯作者：
Jia, Fansheng
中科院分区：
文献类型：
--
作者：
Cao, Chunfang;Chan, Kam C.;Jia, Fansheng
非正规金融在法律的制度薄弱的转型经济中发挥着重要作用。贸易信贷作为一种主要的非正规金融工具，依赖于非正规的制度和执行。本文认为，宗教增强了道德氛围中，企业做生意，它预测，宗教增加贸易信用，在宗教提高执法增加非金钱成本和减少风险承担。基于2003 - 2013年中国非国有上市公司的研究结果证实了这一预测，即位于宗教信仰较高地区的公司与更多的贸易信贷相关，特别是在正规制度薄弱或正规融资渠道有限的地区。此外，本文表明，宗教减少逾期贸易信贷。最后，结果是由佛教、道教和基督教驱动的，而不是伊斯兰教。
ABSTRACT Informal finance plays an important role in transitional economies with weak legal institutions, such as China. As a major informal finance instrument, trade credit relies on informal institutions and enforcement. The paper argues that religion enhances the ethical climate in which firms do business, and it predicts that religiosity increases trade credit, in that religion enhances enforcement by increasing non-pecuniary cost and reducing risk-taking. The results based on Chinese non-state listed firms between 2003 and 2013 confirm the prediction that firms located in high-religiosity regions are associated with more trade credit, especially in regions where formal institutions are weak or formal financing channels are limited. Furthermore, the paper shows that religiosity reduces overdue trade credit. Finally, the results are driven by Buddhism, Taoism and Christianity, but not Islam.