产业集群中中小企业外部融资效率研究:制度理论的视角

Research on the External Financing Efficiency of SMEs in Industrial Clusters

中小企业的融资问题一直是企业界和学术界关注的热点问题。基于制度理论,本文将网络关系合法性作为中介变量,构建了产业集群中企业间网络关系对企业外部融资效率影响的理论模型,并且探索了不同程度的政策制度支持如何影响网络合法性与外部融资效率的关系。根据对长三角地区211家企业的实证研究和深入访谈,研究结果表明企业管理高层的社交关系和供应链上下游企业长期导向的交易关系均有利于促进企业的网络关系合法性,进而提升企业的外部融资效率,合法性在此过程中扮演着部分中介的角色;进一步的,地方政府制度支持正向调节网络合法性与企业外部融资绩效的关系,说明地方政府制度支持越多,网络合法性对于企业外部融资效率的提升作用越强。

Drawing on an institutional perspective,this paper suggests that inter-firm relationship in terms of transaction tie and social tie serve an important legitimate function for firms and have significant influence on firms' external financing performance.Legitimacy and financing efficiency link was contingent on external formal institutional factors,namely,institutional support.Using survey data from a sample of 211 firms from Yangtze River Delta region,we demonstrate that social tie and transaction tie both have positive impact on financing efficiency.Further,institutional support positively moderates the link between network legitimacy and external financing efficiency.Theoretical and managerial implications are discussed.