社会资本与企业债务融资被引量：74

Social Capital and Firms' Debt Financing

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摘要本文从社会组织数量、社会参与及社会信用三个维度对中国各地区的社会资本发展状况进行度量,而后探索性地研究了社会资本对企业负债融资结构的作用。我们的研究发现:在社会资本发展较好的地区,企业更容易获得负债、长期负债,而且企业可以使用较少的抵押物获得债务融资。本文的贡献在于:一方面从微观层面验证了社会资本作为一种非正式社会制度的经济价值,另一方面也对理解企业的资本结构选择提供了一种新视角。 The paper studies the effect of social capital on the firms＇ debt capacity and structure in China. We measure the social capital of China＇s 31 provinces through the number of NPOs, the index of trust among peoples, and the blood donation ratio. The results show that the firms in the better social capital development areas will incline to have higher debt ratio and longer debt maturity, and the firms could get debt financing through less mortgage. The paper has two contributions to the economics literature, firstly, it confirms the economic value of social capital form micro-perspective; second, it provides a new perspective to understand the firms＇ capital structure choice.

作者戴亦一张俊生曾亚敏潘越

机构地区厦门大学管理学院中央财经大学会计学院南开大学商学院.天津厦门大学经济学院

出处《中国工业经济》 CSSCI 北大核心 2009年第8期99-108,共10页 China Industrial Economics

基金教育部人文社会科学研究项目“社会资本核算的理论与方法研究”(批准号 01JA910002) 中央财经大学“211工程”三期资助

关键词社会资本资本结构债务期限结构 social capital capital structure debt maturity

分类号 F270 [经济管理—企业管理]

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