企业社会资本对中小企业融资约束的影响研究

发布时间：2018-03-24 10:41

本文选题：中小企业　切入点：企业社会资本　出处：《湖南大学》2015年硕士论文

【摘要】：改革开放30多年以来,我国中小企业获得飞速发展,是我国经济持续高速发展的中坚力量。尽管中小企业在国内经济占有举足轻重的地位,但在金融资源等要素配置方面仍处于弱势地位,融资难是中小企业普遍面临的困境。虽然国内外对影响企业融资约束因素的研究多集中于企业自身因素,但从国内外最新研究动态可以看出缓解企业融资约束的条件与要素越来越多地涉及到了企业与社会各界间的各种关系。但研究视角多分散在政治联系、银企关系等单一社会网络,对于概括性较强的社会资本概念,仅停留在定义和一般分析上,很少探讨社会资本与融资约束之间的联系。基于此,本文全面考察企业社会资本与中小企业融资约束之间的关系,重点探讨了企业社会资本影响融资约束的微观作用机制。本文对社会资本影响中小企业融资约束的机理进行分析,在此基础上进行实证分析。首先设计社会资本指标体系,并采用主成分分析法提取社会资本指数。其次构建融资约束识别模型以检验社会资本对中小企业融资约束的影响,并对比不同金融发展程度地区下的影响差异。最后从信息不对称的角度展开研究社会资本缓解企业融资约束的微观作用机制:构造反映资金供求双方信息不对称程度的指标并对企业社会资本与信息不对称之间的关系加以直接检验;在原有融资约束模型基础上加入信息不对称相关变量,分离社会资本的信息效应和资源效应,以检验两者是否都能缓解融资约束以及相对影响比重。本文的主要研究结论如下:企业社会资本能有效缓解其融资约束,在金融发展程度较低地区缓解效应更明显。企业社会资本通过信息效应和资源效应影响融资约束,且资源效应所起的作用更大。
[Abstract]:Since the reform and opening up more than 30 years ago, small and medium-sized enterprises in our country have achieved rapid development, which is the backbone of the sustained and rapid economic development of our country, although small and medium-sized enterprises play a pivotal role in the domestic economy. However, the allocation of financial resources and other factors is still in a weak position, and financing difficulties are common difficulties faced by small and medium-sized enterprises. Although domestic and foreign studies on factors affecting corporate financing constraints are mostly focused on the enterprise itself, However, from the latest research at home and abroad, we can see that the conditions and elements to ease the financing constraints of enterprises are more and more involved in various relationships between enterprises and all walks of life. A single social network, such as the relationship between banks and enterprises, only focuses on the definition and general analysis of the concept of social capital, and rarely explores the relationship between social capital and financing constraints. This paper investigates the relationship between corporate social capital and financing constraints of SMEs, and focuses on the microcosmic mechanism of the influence of corporate social capital on financing constraints. This paper analyzes the mechanism of the influence of social capital on the financing constraints of small and medium-sized enterprises. On the basis of this, the paper designs the index system of social capital, and extracts the index of social capital by principal component analysis. Secondly, it constructs the identification model of financing constraints to test the influence of social capital on financing constraints of small and medium-sized enterprises. Finally, from the point of view of information asymmetry, this paper studies the micro mechanism of social capital to alleviate the financing constraints of enterprises: construct the information asymmetry reflecting the two sides of capital supply and demand. A direct test of the relationship between corporate social capital and information asymmetry; Based on the original financing constraint model, information asymmetry variables are added to separate the information effect and resource effect of social capital. The main conclusions of this paper are as follows: corporate social capital can effectively alleviate its financing constraints. The mitigation effect is more obvious in the areas with lower degree of financial development. Corporate social capital influences financing constraints through information effect and resource effect, and the resource effect plays a more important role.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F832.4

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