创新是中国经济可持续发展的重要动力，是中国走向高质量发展的必然选择。企业是经济活动的微观主体，是创新的主要来源，因此研究企业创新的影响因素成为了近年来金融领域的热门话题。另一方面，中国作为新兴发展中国家，其制度与治理等正式制度还存在着不完备性，关于非正式制度对创新的作用的研究也逐渐兴起。商帮文化是中国古代颇具商业色彩的优秀传统文化，其团结、创新、开拓、诚信的精神与企业创新不谋而合。研究商帮文化与企业创新的关系，对于理解文化这一非正式制度对创新的影响有重要意义。本文以2010年-2021年A股上市公司作为研究样本，深入研究了商帮文化对于企业创新的影响。对于商帮文化的衡量，本文使用距离模型，参考《中国十大商帮》中商帮发源地距离上市公司办公地距离进行衡量，关于企业创新，本文使用对数化处理的企业发明专利申请数进行衡量。计量模型方面，本文选取Tobit模型并控制了企业与地区层面变量的影响。研究发现，商帮文化对企业创新具有显著的正向影响，在经过滞后解释变量、改变企业创新测度、改变商帮文化测度、倾向匹配得分法、排除其他文化影响的五种稳健性检验后，结论依然成立。渠道效应检验发现，商帮文化能够缓解企业代理成本与融资约束从而促进企业创新，调节效应检验发现，在国企、市场化水平低的地区，商帮文化对企业创新的影响更为显著。本文认为商帮文化中对社会资本运用的重视、诚信经营理念以及道德约束、开拓冒险的精神都可以促进企业创新。最后，本文提出了一系列的建议。第一，地方政府应注重弘扬传统商帮文化、挖掘商帮文化内核；第二，政府与企业应积极建立与参与现代地缘性商会，以加强企业间合作、谋求共同发展；第三，政策制定者应重视非正式制度在社会活动中的影响。

nnovation is an important driving force for China‘s sustainable economic development and an inevitable choice for China to move toward high-quality development. Firms are micro subjects of economic activities and are the main source of innovation, so studying the factors influencing firm innovation has become a hot topic in the finance field in recent years. On the other hand, as an emerging developing country, China still has incomplete formal institutions such as institutions and governance, and research on the role of informal institutions on innovation is gradually emerging. The spirit of solidarity, innovation, pioneering and integrity in merchant guilds culture, which is an excellent traditional culture with a commercial flavor in ancient China, coincides with corporate innovation. The study of the relationship between merchant guilds culture and firm innovation is important for understanding the influence of culture as an informal institution on innovation.This thesis takes A-share listed companies from 2010-2021 as the research sample to study the impact of merchant guilds culture on firm innovation. to the measurement of merchant guilds culture, this thesis uses the distance model, referring to the distance between the origin of business gangs and the office of listed companies in the Ten Major merchant guilds of China, and to firm innovation, this thesis uses the logarithmically processed number of corporate invention patent applications to measure. This thesis selects the Tobit model and controls the impact of firm level and region level variable. It is found that the merchant guilds culture has a significant positive effect on corporate innovation, and the conclusion still holds after five robustness tests of lagged explanatory variables, changing firm innovation measure, changing merchant guilds culture measure, PSM, and excluding other cultural effects. The channel effect test finds that the merchant guilds culture can alleviate corporate agency costs and financing constraints thus promoting firm innovation, and the moderating effect test finds that the impact of merchant guilds culture on firm innovation is more significant in state-owned enterprises and regions with low marketization levels. This thesis argues that the importance of the use of social capital, the concept of honest management, as well as moral discipline and the spirit of pioneering and risk-taking in the merchant guilds culture can promote firm innovation.Finally, the thesis puts forward a series of recommendations. First, local governments should focus on promoting traditional merchant guilds culture and tapping the core of business gang culture; second, governments and enterprises should actively establish and participate in modern geopolitical chambers of commerce to enhance inter-firm cooperation and seek common development; third, policy makers should pay attention to the influence of informal institutions in social activities.