北京航空航天大学学报(社会科学版) ›› 2015, Vol. 28 ›› Issue (4): 84-90.DOI: 10.13766/j.bhsk.1008-2204.2014.0286

• 经济与管理 • 上一篇    下一篇

社会资本投资与中小企业融资约束——基于中国中小板上市公司的实证分析

方世建, 张凡   

  1. 中国科学技术大学 管理学院, 安徽 合肥 230026
  • 收稿日期:2014-06-13 出版日期:2015-07-25 发布日期:2015-07-23
  • 作者简介:方世建(1955—),男,安徽合肥人,教授,博士,研究方向为新制度经济学、微观金融理论、经济博弈论、资产评估和房地产评估.
  • 基金资助:

    国家自然科学基金资助项目(71172214)

Investment in Social Capital and Financing Constraints of Small and Medium-sized Enterprises: Empirical Analysis on Small and Medium-sized Board Listing Companies in China

Fang Shijian, Zhang Fan   

  1. School of Management, University of Science and Technology of China, Hefei Anhui 230026, China
  • Received:2014-06-13 Online:2015-07-25 Published:2015-07-23

摘要:

通过将社会资本投资因素引入欧拉投资模型,探析了社会资本投资对中小企业融资约束的动态影响,并以2008—2012年深交所中小板上市公司为研究样本,实证检验社会资本投资对中小企业融资约束的缓解作用。结果发现:中国中小企业投资支出与内部经营活动现金流显著正相关,普遍面临融资约束问题;而娱乐支出和获得直接政治关联是中小企业构建关系社会资本的有效措施,能在很大程度上缓解企业的融资约束。

关键词: 社会资本投资, 欧拉投资模型, 融资约束, 娱乐支出, 直接政治关联

Abstract:

Using the Euler investment model, this paper explores the dynamical effects of social capital investment on financial constraints of small and medium-sized enterprises. Based on the performance of small and medium-sized boardlisting companies of Shenzhen Stock Exchange between 2008 and 2012 in China, the paper tests empirically the relieving impact of social capital investment on the financing restraints of those companies. Theresult shows that the investment of SMEs in China is significantly positive to cash flow, and there exists obvious financial constraints. It is also found that entertainment expenditure and obtaining direct political connections are effective strategies to build relational social capital by SMEs, which can to a great extant reduce such kind of constraints.

Key words: social capital investment, Euler investment model, financial constraints, entertaining expenditure, direct political connections

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