企业家社会资本的测量及其对企业绩效的影响——基于新兴第三产业上市公司的实证研究

Measurement of Entrepreneur Social Capital and its Impacts on Firm Performance:an Empirical Study Based on Chinese Listed Companies in the New Tertiary Industry

本文从纵向关系网络、横向关系网络和社会关系网络三个维度界定了企业家社会资本。基于100家新兴第三产业上市公司的实证研究发现,企业家社会资本对企业绩效存在显著影响,横向关系网络和社会关系网络能显著提升企业绩效;特别的发现是企业家的纵向关系网络(政府关系)的提升会降低企业绩效。研究结果还表明,非国有企业仍然处于劣势地位,地域差异显著影响着企业绩效,企业家年龄和学历越高对企业的贡献越大。本研究还创新性地发现,企业上市年限过长不利于企业绩效的增长。

In this research, we defined entrepreneur social capital by three dimensions composed of entrepreneur vertical network, horizontal network and social network. Then we measured the entrepreneur social capital of listed firms in new tertiary industry. The factor analysis and multiple regression results showed that entrepreneur social capital had significant effects on firm performance, the horizontal network and social network improved firm performance obviously, but the vertical network had negative effects on firm performance, the reason of which may be the over-reliance on government reduced the entrepreneur＇ s initiative, and the character of the tertiary industry determined that firms should develop by improving their abilities. We also found that non-state-owned enterprises were still at a disadvantages, geographical difference effected firm performance, long listing history did bad to firm performance, while the age and education of entrepreneur had positive impacts on firm performance.