不同市场化程度下企业社会资本对融资能力的影响分析

发布时间：2018-03-07 03:18

本文选题：企业社会资本　切入点：融资能力　出处：《东南大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业融资表面上是纯粹的资金流动,其背后则是社会机制的作用,是社会关系的支撑。这一融资现象在我国的经济体制下尤为普遍,处在经济转型阶段的中国作为一个关系型社会,其资源配置自然地依赖于企业的社会关系网络,因此在我国可以为社会资本理论相关研究提供更合适的实证土壤。同样地,从社会资本理论切入,以社会关系、社会网络为支撑的企业社会资本研究对于完善中国特色融资理论有着非常重要的意义。此外,结合我国特殊的地区间市场化程度差异,进一步探索不同市场化程度下企业社会资本对其融资能力的作用水平,也为探索我国企业融资理论的发展提供了一个新的方向。本文将社会资本理论的研究成果引入到我国企业融资理论,根据利益相关者理论等构建企业社会资本指数,通过剖析企业社会资本对其融资能力的作用机理,揭示其影响的途径,在理论研究的基础上引入2013-2015年间我国上市公司相关数据进行实证检验。此外,结合我国经济制度转型的特点,以地区间市场化程度差异为切入点,探索不同市场化程度下企业社会资本对融资能力的作用水平,丰富了企业社会资本理论在企业融资理论领域的研究内容。根据理论阐述以及实证检验,本文发现企业社会资本可以缓解我国企业的融资约束问题,增强企业的债务融资能力,尤其能增强短期债务融资能力。针对地区间不同市场化程度,在引入HLM分层模型后,实证发现地区层面的差异对最终结果的影响较大,说明数据适合应用分层模型,最终结果显示低市场化程度会削弱企业社会资本对企业融资能力的正向作用。本文的主要创新之处包括引入利益相关者理论、社会网络理论,在外部利益相关者的分类基础上选取企业财务报表数据及公开信息,构建企业社会资本指数,比起已有大量文献更具可操作性和实用性,此外已有文献较少对企业所处地区市场化程度进行区分,一般仅停留在企业社会资本与企业融资能力的实证观测,即使有文章尝试采取不同市场化程度的区分,也只是停留在分样本直接比较的层面,因此本文针对区域市场化程度引入HLM分层模型,尝试解决区域与企业间的跨层级问题,该研究方法更有科学依据,研究结果也更值得信任。
[Abstract]:On the surface, enterprise financing is pure capital flow, behind which is the function of social mechanism and the support of social relationship. This phenomenon of financing is particularly common in our country's economic system. As a relational society, China's resource allocation naturally depends on the social network of enterprises, so it can provide a more suitable empirical soil for the relevant research of social capital theory in China. From the perspective of social capital theory, the research on corporate social capital supported by social relations and social networks is of great significance for perfecting the theory of financing with Chinese characteristics. To further explore the role of corporate social capital on its financing ability under different marketization levels, It also provides a new direction for exploring the development of enterprise financing theory in China. This paper introduces the research results of social capital theory into the enterprise financing theory of our country, and constructs the enterprise social capital index according to the stakeholder theory and so on. By analyzing the mechanism of corporate social capital on its financing ability and revealing the ways of its influence, this paper introduces the relevant data of Chinese listed companies from 2013 to 2015 on the basis of theoretical research to carry out an empirical test. According to the characteristics of China's economic system transformation, and taking the regional marketization difference as the starting point, this paper explores the function level of enterprise social capital to financing ability under different marketization degree. It enriches the research content of corporate social capital theory in the field of enterprise financing theory. According to the theoretical elaboration and empirical test, this paper finds that corporate social capital can alleviate the financing constraints of Chinese enterprises and enhance the debt financing ability of enterprises. In particular, it can enhance the ability of short-term debt financing. According to the different degree of marketization of different regions, after introducing the HLM stratification model, it is found that the difference at the regional level has a great influence on the final result, which indicates that the data is suitable for the application of stratified model. The final results show that low marketization will weaken the positive effect of corporate social capital on corporate financing ability. The main innovations of this paper include the introduction of stakeholder theory, social network theory, On the basis of the classification of external stakeholders, it is more feasible and practical to select enterprise financial statement data and open information, and to construct enterprise social capital index. In addition, there is little literature to distinguish the degree of marketization of the region in which the enterprise is located, generally only in the empirical observation of enterprise social capital and enterprise financing ability, even though some articles try to take different degree of marketization distinction. Therefore, this paper introduces HLM stratification model to solve the cross-level problem between regions and enterprises, and the research method has more scientific basis. The results are also more trustworthy.
【学位授予单位】：东南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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