Abstract: By applying the text analysis method and taking all the A-share listed companies in Shanghai and Shenzhen stock markets during the period of 2002-2012 as samples, this paper tests the impact of the integrity-oriented corporate culture on the level of business credit based on the effective recognition of the integrity-oriented corporate culture. It provides some empirical evidence for the signaling effect of corporate culture from a new perspective. The empirical results show that the integrity-oriented corporate culture can effectively increase the business credit they have acquired. Further examination has found that the impact of “integrity” on business credit can only play a role in non-state-owned enterprises; it does not work in state-owned enterprises. As for non-state-owned enterprises, the “integrity” can play a greater role if the legal environment is rather poor or the formal financing capability of the enterprises is weaker.

Key words: corporate culture; business credit; integrity; text analysis