中文摘要：

从制度尤其是非正式制度方面研究公司财务问题是当前学术界的一个新兴方向。文章以我国山西、陕西、浙江和江苏四省上市公司为样本，从非正式制度——文化的视角，探讨了重商文化如何影响企业风险承担及上述影响在不同产权性质公司闾的差异，并进一步考察了公司风险承担的经济后果。研究表明：受重商文化影响较强的公司比受重商文化影响较弱的公司风险承担水平更高；与非国有控制公司相比，在国有控制公司重商文化对公司风险承担的影响相对较弱；从公司风险承担的经济后果来看，风险承担水平的提高显著提升了企业价值。文章丰富和拓展了制度环境和公司风险承担的相关研究，对我们深刻理解传统文化在当今经济社会生活中的重要价值和企业应重视对风险性项目的投资都具有重要的意义。

英文摘要：

The research on corporate finance issues from the perspective of institutionality, especially informal institution- ality, is an emerging direction of today＇s academic research. Using a corporate-level dataset of the listed companies in Shanxi, Shaanxi, Zhejiang and Jiangsu over the period of 2006 -2012, from the perspective of informal insfitutionality, culture, this paper studies the impact of mercantile culture on corporate risk taking and the difference of the impact in the companies of dif- ferent types of ownership property, and further investigates the economic consequence of corporate risk taking. The results show that ： the listed companies affected more strongly by the mercantilist culture have a higher level of risk taking than the other lis- ted companies. Compared with non-state owned companies, the impact of mercantile culture on corporate risk taking in state owned companies is relatively smaller. From the economic consequence of risk taking, the improvement of corporate risk taking is conducive to enhance firm value. This paper enriches and expands the related research on institutional environment and cor- porate risk taking, and it also provides important implications for better understanding the important value of traditional culture in today＇s economic and social life and for the companies to value the risky investment.