企业的异质性社会资本及其嵌入风险——基于中国经济转型情境的实证研究

Enterprises’ Heterogeneity Social Capital and Its Inserted Risk——Empirical Study Based on China’s Economic Transition

本文首次从政治网络与市场网络相结合的视角,分析企业社会资本的嵌入风险及其对企业绩效的异质性影响,并运用155家中国企业的调查数据进行了实证检验,结果显示:等级制社会资本可以提升企业的市场权力,但却与运营效率弱性负相关;市场社会资本对企业运营效率改善有着显著的正向促进作用,但却对市场权力没有显著影响。忽视这一特征将为企业的社会资本管理带来过度嵌入的风险。本文还发现,企业对制度环境的嵌入惰性与企业绩效呈显著的负相关。从经济转型进程看,经济发达地区比欠发达地区的企业更能主动利用等级制社会资本来获得市场权力,欠发达地区的企业具有更大的制度环境嵌入惰性,因而也面临着更大的嵌入风险。作者建议企业培育"自主性嵌入"能力、构建社会资本动态整合机制、防范社会资本风险,进而提升企业绩效。

In this paper,from related perspectives of political network and market network,the author anlyze the embeddedness risk and the heterogeneous impact on corporate performance of corporate social capital,and use 155 sample firms in China to conduct empirical examinations,showing evidences that the hierarchical social capital is positively associated with corporate market power,however,has negative impact on the corporate operational efficiency,and that business social capital can promote significantly the operational efficiency but contribute little to corporate market power.There is a potential risk of social capital if this micro structure is neglected.Besides,the embedded inertia in institutional environment is negatively related with corporate performance.From the perspective of economic transition,firms in developed area rely much more on hierarchical social capital to acquire market power than those in undeveloped area,while firms in undeveloped area have more environmental embedded inertia than those in developed area.The author suggest companies cultivate the ability of embedded autonomy,look for the boundary of benefit-risk and establish a dynamically integrative mechanism to prevent risk of social capital and to improve corporate performance.