在转型经济背景下，企业风险不仅来源于宏观经济波动和市场竞争，也受到制度环境和文化因素的影响。现有研究多从正式制度和公司治理角度解释企业风险形成机制，而对文化等非正式制度如何影响企业特质性风险关注较少。作为中国传统文化的重要组成部分，儒家文化长期塑造社会行为规范和价值取向，其在企业风险治理中的经济后果有必要得到系统检验。

基于非正式制度理论，本文认为儒家文化通过影响管理者行为规范和企业决策环境，促使企业采取更加稳健和审慎的经营策略，从而降低企业特质性风险。同时，其作用并非替代正式制度，而是在特定制度情境下对其形成补充。

本文以2010—2022年中国A股上市公司为样本，采用多期面板回归模型进行实证检验。研究结果表明，儒家文化显著降低企业特质性风险，该结论在多种稳健性检验下依然成立。进一步分析发现，该效应在市场化程度较低地区、规模较大企业以及非国有企业中更为显著。本文从非正式制度视角为理解中国情境下企业风险形成机制提供了新的经验证据。

In In a transitional economy, corporate risk is shaped not only by macroeconomic fluctuations and market competition but also by institutional and cultural environments. Existing studies mainly explain corporate risk from the perspectives of formal institutions and corporate governance, while the role of informal institutions such as culture has received less attention. As a key component of traditional Chinese culture, Confucian culture has long shaped social norms and value orientations, and its economic consequences for corporate risk governance warrant systematic examination.

Drawing on informal institution theory, this study argues that Confucian culture influences managerial behavior and corporate decision-making, encouraging more prudent and conservative strategies that reduce corporate idiosyncratic risk. Rather than replacing formal institutions, Confucian culture functions as a complementary governance mechanism.

Using Chinese A-share listed companies from 2010 to 2022 as the sample, this study employs panel regression models to test the relationship between Confucian culture and idiosyncratic risk. The results show that Confucian culture significantly reduces corporate idiosyncratic risk, and the findings remain robust across multiple tests. The effect is more pronounced in regions with lower marketization levels, in larger firms, and in non-state-owned enterprises. These findings provide new empirical evidence on the role of informal institutions in shaping corporate risk in the Chinese context.