民营企业、制度环境与社会资本——来自上市家族企业的经验证据

Private Enterprises,Institutional Environment and Social Capital:Evidence from Listed Family Firms

民营企业对社会资本具有较强的依赖性,而制度环境会影响企业对社会资本的依赖程度,也会影响企业寻求异质性社会资本的倾向性。文章采用2008-2012年我国民营上市企业中家族企业的数据,分析了制度环境对企业实际控制人的社会资本数量和结构的影响,并进一步考察了异质性社会资本对企业价值的不同影响。研究结果表明:(1)总体来看,在制度环境较差时,家族企业实际控制人对社会资本的依赖性较强,而随着制度环境的不断完善,其对社会资本的依赖性逐渐减弱;(2)在制度环境较差时企业会更多地利用权力性社会资本,而在制度环境较好时则更多地利用市场性社会资本;(3)在制度环境较差时,权力性社会资本对企业价值的影响大于市场性社会资本,而随着制度环境的不断完善,市场性社会资本的影响逐渐增强。文章的发现为民营企业在制度环境不断完善的情况下转变发展策略提供了一定的启示。

Private enterprises strongly rely on social capital.And institutional environment affects firm dependence on social capital and firm propensity to seek for heterogeneous social capital.Based on the data of family firms in private listed companies in China from 2008 to 2012,this paper analyzes the effect of institutional environment on the quantity and structure of social capital of firms' actual controllers,and further explores the effect of heterogeneous social capital on firm value.It comes to the conclusions as follows:firstly,as a whole,in poor institutional environment,firms' actual controllers have stronger dependence on social capital,and their dependence on social capital constantly weakens with gradual perfection of institutional environment;secondly,firms use more privileged social capital in poor institutional environment and more market-oriented social capital in sound institutional environment;thirdly,in poor institutional environment,the privileged social capital has stronger influence on firm value than market-oriented social capital,but with continuous improvement of institutional environment,the influence of market-oriented social capital gradually strengthens.The findings provide some implications for firms' changes in development strategies in constantly perfected institutional environment.