社会资本对高新技术企业融资行为的影响研究

发布时间：2018-03-08 11:03

本文选题：社会资本　切入点：融资行为　出处：《西南大学》2017年硕士论文　论文类型：学位论文

【摘要】：大力发展高新技术产业是我国未来经济发展的战略选择,不仅能有助于我国增强自主创新能力和科学技术在经济发展中的含量,更有利于我国加快产业结构调整,稳定经济增长,培育国民经济发展的新生力量,从根本上解决金融危机所留下的发展问题,实现我国经济持续发展的目标,然而,培育高新技术企业不仅需要新兴科技的开发,更需要资金的大力支持。由于目前我国大多数高新技术企业尚处于发展初期,发展潜力得不到认可,难以吸引投资者,资金问题成为制约高新技术企业发展的主要原因。高新技术企业在经营活动过程中,逐渐会形成了一个复杂的关系网络,在这个关系网络中企业与成员之间达成一定的共识和一致的行为准则,以信任关系为基础,在社会关系网络中获取关键性资源,推动着企业交易的顺利进行。一般情况下,企业的交易活动以信任关系为基础,如果没有信任,交易活动将受到很大的限制,此外,企业的社会关系网络将有利于企业获取关键资源,也有助于交易的顺利进行。那么,社会关系网络和信任是如何影响企业的经济活动?发展初期的企业如何才能培养社会关系网络和信任关系,促进企业获取资源?社会资本对企业融资行为影响的作用机制是什么?本文试图以社会资本这一新颖的概念引入到经济学领域进行研究,考察社会资本对高新技术企业融资行为的影响,归纳总结社会资本基本特征,深入探讨社会资本对企业融资行为影响的作用机理,有助于探索我国现阶段高新技术企业的社会资本发展水平和运行规律,对于高新技术企业加强建设自身融资关系网络,解决企业资金问题具有一定的指导意义。本文分别对社会资本和企业融资行为的核心概念进行梳理,归纳总结企业社会资本的特征,探讨社会资本对企业融资行为影响的作用机理;对现阶段我国高新技术企业的发展状况和融资行为进行考察;借鉴前人理论,构建企业社会资本指标,选取高新技术企业样本数据,测算我国高新技术企业社会资本现状及发展趋势,建立计量模型,实证分析社会资本对高新技术企业融资方式的选择、资本结构的选择以及债务期限结构的影响。研究发现:(1)企业社会资本呈现出较为复杂的内容结构,具有社会性、生产性、嵌入性以及积累性等特征,基本要素表现为关系网络、信任和社会规范的形式,这三个要素之间相辅相成,帮助企业积累良好的声誉以及获取关键性资源,从而减少企业交易成本,降低企业经营风险。(2)目前,我国高新技术企业地区结构严重失衡,企业之间的差异较大,规模较小,整体呈现出“小弱散”的现象。由于企业是知识密集和技术密集的特点,企业融资需求高,但针对高新技术企业的融资体系并不完善,企业的科研经费投入来源主要是依靠自有资金与政府补助。(3)高新技术企业间的社会资本水平差异十分明显,整体发展相对停滞,处于或将长期处于一种较为稳定且偏低的状态。(4)企业社会资本的发展对我国高新技术企业融资行为产生了积极的影响。首先,高新技术企业的融资顺序整体上遵循内源融资、债务融资、股权融资,社会资本越高的企业,选择债务融资方式的可能性越高;其次,高新技术企业的社会资本与企业资本结构显著正相关,且企业在资本结构调整过程中存在一定的调整成本;最后,企业社会资本的提高,对高新技术企业获取债务资金中的优势作用主要体现在短期债务资金上,对获取长期债务能力并没有帮助。
[Abstract]:To develop the new high-tech industry is the strategic choice for China's future economic development, not only can the content can help China to enhance the capability of independent innovation of science and technology in economic development, more conducive to accelerate the adjustment of industrial structure in China, stable economic growth, foster a new force for the national economic development, the development of fundamentally solve the problem the financial crisis left behind, to realize sustainable development of China's economy, however, the cultivation of high-tech enterprises not only need to develop new technology, support needs more funds. Because most of today's high-tech enterprises in our country are still in the early stages of development, development potential is not recognized, it is difficult to attract investors, money becomes the main reason restricting the development of high-tech enterprises. High tech enterprises in the management process, gradually formed a complex network of relationships, in the relationship network Reach a consensus between the enterprise and members and consistent standards of behavior, based on the trust relations, access to key resources in social network, and promote the business transaction smoothly. In general, the enterprise transactions based on the trust relations, if there is no trust, trading activity will be greatly in addition, Limited Business Social network will help enterprises to obtain key resources, also contribute to the success of transactions. So, social network and trust is how to affect the economic activities of enterprises? How can the early development of the enterprise culture of social network and trust, promote enterprise access to resources? What is the mechanism the influence of social capital on enterprise's financing behavior? This paper attempts to a new concept of social capital into the field of economics research, effects of social capital on high technology Effect of financing behavior of enterprises, summarizes the basic characteristics of social capital, the mechanism of the influence of social capital on enterprise's financing behavior, help to explore the enterprises at the present stage of China's high-tech development level of social capital and operating rules for high-tech enterprises to strengthen the construction of self financing relationship network, which has a certain guiding significance to solve the problem of enterprise funds. The core concept of social capital and corporate financing behavior to sort out, summarize and summarize the characteristics of corporate social capital, to explore the mechanism of the influence of social capital on enterprise financing behavior; on the current development of China's high-tech enterprises and financing behavior were studied; the previous theory, the construction of corporate social capital index, select the data of high-tech enterprises, measuring social capital status and development trend of China's high-tech enterprises, construction Establish econometric models, empirical analysis of social capital on the choice of financing of high-tech enterprises, the choice of capital structure and debt maturity structure. The study found that: (1) corporate social capital shows a more complex structure, it is social, productive, embedded and accumulation characteristics, the basic elements of performance for the network, trust and social norms in the form of interaction between these three elements, help enterprises to accumulate good reputation and access to key resources, thereby reducing transaction costs, reduce business risk. (2) the serious imbalance in the structure of high-tech enterprises in areas of our country, the differences between enterprises large scale. Small, showing the whole "weak scattered" phenomenon. Because the enterprise is a knowledge intensive and technology intensive features, enterprise financing demand is high, but for the high technology enterprise financing system is not Perfect source of investment funding is mainly relying on its own funds and government subsidies. (3) differences in the level of social capital between high-tech enterprises is very obvious, the overall development is relatively stagnant, or in a long-term stable and low state. (4) the development of enterprise social capital has a positive on the financing behavior of high-tech enterprises in China. Firstly, the financing order of high-tech enterprises on the whole follow the internal financing, debt financing, equity financing, the higher social capital of enterprise, choose debt financing may be higher; secondly, positively related to high-tech enterprise social capital and enterprise capital structure, and there are some enterprises in the process of adjusting the cost of capital structure adjustment; finally, the enterprise social capital increase, used mainly in the short-term for high-tech enterprises to obtain the advantage of debt financing Debt funds do not help to obtain long-term debt.

【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F276.44

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