企业社会资本对中国上市公司资本结构的影响——基于结构方程模型的实证研究

发布时间：2018-05-04 02:25

本文选题：中国上市公司 + 企业社会资本　；参考：《会计之友》2017年15期

【摘要】：随着网络经济的发展,企业日益关注从利益相关者处获得价值增值的来源。由于资本来源会影响企业的经营和财务决策,因此企业社会资本的影响日渐重要。文章以2012年12月31日至2014年12月31日挂牌上市的1 974家A股上市公司为研究对象,利用结构方程模型,从整体和分年度两个角度探究企业社会资本对资本结构的影响。研究发现:企业社会资本对资本结构产生负向影响,即企业可以利用的社会资本越多,外部融资需求越小;在外部社会资本中,客户关系资本和供应商关系资本对资本结构具有显著的负向影响,证实了社会资本降低交易成本的作用;中国上市公司与政府和银行的关系资本对资本结构的影响与其他市场经济国家存在区别,前者体现为内部关系性质,后者则影响不大。
[Abstract]:With the development of network economy, enterprises pay more and more attention to the source of value added from stakeholders. Because the capital source will affect the enterprise's management and financial decision, the influence of the enterprise's social capital is becoming more and more important. Taking 1,974 A-share listed companies listed from December 31, 2012 to December 31, 2014, as the research object, this paper makes use of the structural equation model to explore the influence of corporate social capital on the capital structure from the perspective of the whole and the year. It is found that: the more social capital enterprises can use, the smaller the external financing needs are; in the external social capital, the social capital has a negative impact on the capital structure. Customer relationship capital and supplier relationship capital have a significant negative impact on capital structure, which proves the role of social capital to reduce transaction costs; The relationship capital between Chinese listed companies and government and banks is different from other market economy countries. The former reflects the nature of internal relations, while the latter has little effect.
【作者单位】：上海对外经贸大学;南京财经大学;
【基金】：教育部人文社会科学研究规划基金项目(15YJA630075)
【分类号】：F275;F832.51

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