Abstract: As an informal institution, the speculative culture has an important impact on corporate behavior. Based on a sample of Chinese A-share listed companies from 2008 to 2020, this paper examines the influence of the regional speculative culture on corporate financial asset allocation decisions. Our study finds that the stronger the speculative culture atmosphere in the place where the company operates, the higher the level of corporate financialization; moreover, the analysis of mechanism suggests that increasing agency costs and improving management's overconfidence level are important paths for the speculative culture to affect corporate financialization; further analysis finds that fostering a good regional legal environment, improving the level of external supervision and strengthening the quality of internal control of enterprises can weaken the negative effects of the speculative culture on corporate financialization. These conclusions provide new ideas for the governance of the current phenomenon of “from real to virtual” in Chinese real enterprises, and also reveal the importance of creating a good informal institutional environment for enterprise resource allocation decisions, which is of great practical significance for preventing and resolving systemic risks, guiding the healthy and orderly development of China's capital market.

Key words: Speculative Culture, Financialization, from Real to Virtual

摘要： 投机文化作为一种非正式制度,会对企业行为产生重要影响。本文利用2008—2020年我国A股上市企业数据,考察了地域投机文化与实体企业金融资产配置决策之间的关系。研究发现:企业经营所在地的投机文化氛围越浓厚,企业金融化程度越高;机制检验表明,增加代理成本和提升管理层过度自信水平是地域投机文化影响企业金融化的重要路径;异质性分析发现,培育良好的地区法制环境、提高外部监督水平以及强化企业内部控制质量能够有效削弱投机文化对企业金融化造成的负面效应。本文的研究结论为治理我国实体企业“脱实向虚”提供了新思路,也从侧面揭示了营造良好的非正式制度环境对企业资源配置决策的重要性,对于防范化解系统性风险,引领我国资本市场健康有序发展具有重要意义。

关键词: 投机文化, 金融化, 脱实向虚