政治关系、社会信任与民营企业债券融资实证研究
发布时间：2019-03-28 18:42
【摘要】：嵌入性理论认为企业是嵌入于其所处的社会网络中的,因此企业的融资行为同时受到正式制度因素和非正式制度因素的影响。现有关于我国企业融资影响因素的研究大都关注正式制度因素的影响作用,忽视对非正式制度因素的考虑。近几年来,随着我国企业债券市场的发展,债券融资工具种类不断的增多,特别是短期融资券、公司债券和中期票据等债券工具为民营企业直接融资提供了更大的选择空间。在发展我国企业债券市场的背景下,有必要探究影响企业债券融资的各类非正式制度因素。已有理论研究发现社会信任作为社会资本的核心要素,对企业的融资行为具有重要的影响,企业在长期的经济活动中逐渐积累起来的信任资本能够增强企业获取银行信贷资金的能力；同时在中国这样的关系型社会中,民营企业的政治关系资源对企业的信贷融资也具有积极的促进作用。那么在我国的转型经济体制内,作为民营企业社会资本的不同类型,特殊的政治关系资本和普遍的社会信任资本对企业债券融资的影响作用值得深入研究。与以往较多关注企业信贷融资影响因素的研究不同,本文将焦点转向影响民营企业债券融资的非正式制度因素,在分别研究政治关系资本和社会信任资本对民营企业债券融资规模和融资期限影响的基础之上,进一步探究了特殊的关系资本和普遍的信任资本在发挥融资效应时的交互作用。研究采用实证分析的方法,以在我国企业债券市场融资的上市民营企业为研究对象,运用SPSS17.0对收集的数据进行分析,研究结果显示：(1)民营企业与政府建立的特殊的政治关系资本和企业在长期的经济交往中逐渐积累起来的社会信任资本具有促进企业债券融资的经济作用；(2)政治关系资本和社会信任资本在发挥促进企业债券融资效应时存在一定的替代作用,当企业具有关系资本时信任对企业债券融资的影响作用小于企业不具有关系资本时信任对企业债券融资的影响作用；(3)在融资期限方面,政治关系资本和社会信任资本更有利于企业短期债券融资。研究结论有助于了解不同类型社会资本对企业融资行为的影响。
[Abstract]:The embedding theory holds that the enterprise is embedded in the social network in which it is located, so the financing behavior of the enterprise is influenced by both the formal institutional factor and the informal institutional factor at the same time. Most of the existing researches on the influencing factors of enterprise financing in our country pay attention to the influence of formal institutional factors and neglect the consideration of informal institutional factors. In recent years, with the development of corporate bond market in China, the types of bond financing instruments have been increasing, especially in short-term financing bonds, corporate bonds and medium-term notes, which provide a greater choice for private enterprises to direct financing. Under the background of the development of corporate bond market in China, it is necessary to explore the various informal institutional factors that affect the financing of corporate bonds. Previous theoretical studies have found that social trust, as the core element of social capital, has an important impact on the financing behavior of enterprises. The trust capital gradually accumulated in long-term economic activities can enhance the ability of enterprises to obtain bank credit funds; At the same time, in such a relational society as China, the political relationship resources of private enterprises also play an active role in promoting the credit financing of enterprises. So, in the transitional economy system of our country, as the different types of social capital of private enterprises, the influence of special political relation capital and universal social trust capital on corporate bond financing is worthy of further study. Different from the previous researches on the influencing factors of corporate credit financing, this paper focuses on the informal institutional factors that affect the financing of private enterprises' bonds, and this paper focuses on the informal institutional factors that affect the financing of private enterprise bonds. On the basis of studying the influence of political relation capital and social trust capital on the financing scale and financing term of private enterprise bonds, this paper further explores the interaction of special relational capital and universal trust capital in the development of financing effect. The research adopts the method of empirical analysis and uses SPSS17.0 to analyze the collected data, taking the listed private enterprises which are financing in the corporate bond market of our country as the object of study. The results show that: (1) the special political relationship capital between private enterprises and the government and the social trust capital gradually accumulated by enterprises in long-term economic exchanges can promote the economic role of corporate bond financing; (2) the capital of political relations and the capital of social trust play an alternative role in promoting the financing effect of corporate bonds. The effect of trust on corporate bond financing is smaller than that of non-relational capital when the enterprise has relational capital. The effect of trust on corporate bond financing is smaller than that of corporate bond financing when there is no relational capital. (3) in the term of financing, the capital of political relations and the capital of social trust are more favorable to the financing of short-term bonds of enterprises. The conclusion is helpful to understand the influence of different types of social capital on corporate financing behavior.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
[Abstract]:The embedding theory holds that the enterprise is embedded in the social network in which it is located, so the financing behavior of the enterprise is influenced by both the formal institutional factor and the informal institutional factor at the same time. Most of the existing researches on the influencing factors of enterprise financing in our country pay attention to the influence of formal institutional factors and neglect the consideration of informal institutional factors. In recent years, with the development of corporate bond market in China, the types of bond financing instruments have been increasing, especially in short-term financing bonds, corporate bonds and medium-term notes, which provide a greater choice for private enterprises to direct financing. Under the background of the development of corporate bond market in China, it is necessary to explore the various informal institutional factors that affect the financing of corporate bonds. Previous theoretical studies have found that social trust, as the core element of social capital, has an important impact on the financing behavior of enterprises. The trust capital gradually accumulated in long-term economic activities can enhance the ability of enterprises to obtain bank credit funds; At the same time, in such a relational society as China, the political relationship resources of private enterprises also play an active role in promoting the credit financing of enterprises. So, in the transitional economy system of our country, as the different types of social capital of private enterprises, the influence of special political relation capital and universal social trust capital on corporate bond financing is worthy of further study. Different from the previous researches on the influencing factors of corporate credit financing, this paper focuses on the informal institutional factors that affect the financing of private enterprises' bonds, and this paper focuses on the informal institutional factors that affect the financing of private enterprise bonds. On the basis of studying the influence of political relation capital and social trust capital on the financing scale and financing term of private enterprise bonds, this paper further explores the interaction of special relational capital and universal trust capital in the development of financing effect. The research adopts the method of empirical analysis and uses SPSS17.0 to analyze the collected data, taking the listed private enterprises which are financing in the corporate bond market of our country as the object of study. The results show that: (1) the special political relationship capital between private enterprises and the government and the social trust capital gradually accumulated by enterprises in long-term economic exchanges can promote the economic role of corporate bond financing; (2) the capital of political relations and the capital of social trust play an alternative role in promoting the financing effect of corporate bonds. The effect of trust on corporate bond financing is smaller than that of non-relational capital when the enterprise has relational capital. The effect of trust on corporate bond financing is smaller than that of corporate bond financing when there is no relational capital. (3) in the term of financing, the capital of political relations and the capital of social trust are more favorable to the financing of short-term bonds of enterprises. The conclusion is helpful to understand the influence of different types of social capital on corporate financing behavior.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
【参考文献】
相关期刊论文 前10条
1 王婉;常珊;;影响企业发行短期融资券的公司治理特征分析[J];会计之友;2012年01期
2 赵晓琴;万迪f ;付雷鸣;;政治关联对公司债券融资的影响——来自银行间债券市场的经验证据[J];山西财经大学学报;2011年12期
3 于鑫;龚仰树;;我国企业债券融资决策的影响因素研究[J];投资研究;2011年08期
4 张兆国;曾牧;刘永丽;;政治关系、债务融资与企业投资行为——来自我国上市公司的经验证据[J];中国软科学;2011年05期
5 孙s，
本文编号：2449131
本文链接：https://www.wllwen.com/guanlilunwen/bankxd/2449131.html
