社会资本、企业创新与会计绩效

Social Capital,Corporate Innovation and Operating Performance

本文引入"社会资本"这一社会学概念,从微观视角实证检验我国各省社会资本水平差异对企业创新及会计绩效的影响机制和作用效果。研究结果表明:在社会资本较高的省份,上市公司创新水平越高,具体表现为专利的产出和被引用次数越高;进一步研究发现,社会资本可以通过缓解融资约束和减少知识产权被侵权风险等途径来促进企业创新。此外,当社会资本较高时,企业创新水平对未来会计绩效的提升作用更大。综合本文研究结果,作者认为社会资本是一种促进社会信任合作的驱动力,可以提升企业创新能力和会计绩效,从而对创新型经济发展产生正面影响。

In this paper,we investigate the impact of social capital on corporate innovation and operating performance.We show that in the provinces with higher levels of social capital,the local companies generate more patents and patents with higher impact.We further investigate the channels through which social capital could affect firm innovation and find that relaxing financial constraints and reducing the infringement risk are two main channels that drive our results.Finally,we show that the positive association between firm innovation and future earnings are stronger in high social capital areas.By highlighting the role of social capital in promoting firm innovation and operating performance,our paper provides new insights into the real effect of social capital on economic growth.