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经济运行依托于特定的社会制度,然而中国经济的高速增长难以从正式制度的角度理解。因而,文章旨在探索宗教作为非正式制度安排对微观经济运行所发挥的作用,并进一步研究了非正式制度与正式制度之间的交互作用对公司行为的影响。文章手工收集了2001年至2012年A股上市公司注册地附近重点寺庙的个数,并采用自由现金流对过度投资的反应系数衡量投资活动的代理冲突,检验了宗教氛围是否影响了公司投资活动中所有者与管理者之间的代理冲突。结果显示公司的宗教氛围与代理冲突之间存在显著的负相关关系,说明宗教氛围有助于抑制投资的代理冲突;研究还发现正式的制度环境负向调节了宗教氛围对代理冲突的抑制作用。
The economic operation relies on a particular social system, however, the rapid economic growth in China is hard to understand from a formal institutional perspective. Thus, the article aims to explore the role of religion as an informal institutional arrangement in the operation of the microeconomy and to further study the impact of the interaction between informal and formal institutions on corporate behavior. The article manually collected the number of key temples near the registered places of A-share listed companies from 2001 to 2012 and used the reaction coefficient of free cash flow to overinvestment to measure the proxy conflict of investment activities and tested whether the religious atmosphere affected the investment activities of the Company In the conflict between the owner and the manager. The results show that there is a significant negative correlation between the company’s religious atmosphere and agency conflict, indicating that the religious atmosphere helps to suppress the investment agency conflict. The study also found that formal institutional environment negatively regulates the inhibitory effect of religious atmosphere on agency conflicts.