社会资本、融资结网与企业间风险传染——浙江案例研究

Social Capital,Financial Network and Inter-firm Risk Contagion:Case studies from Zhejiang Province

以往的社会资本研究大多关注于积极效应,较少提及其可能的负面效应。本文通过案例研究方法,以浙江的绍兴和台州为研究对象,分析了社会资本、融资风险网络结构和风险传染之间的关系,为社会资本负面效应的理论研究提供了实证支持。研究发现,高社会资本会提高融资风险网络的平均中心度,降低网络破碎程度,并会致使网络凝聚程度提升,进而加剧企业间风险传染。据此,本文从社会资本角度对发生于我国实体经济中的风险传染现象做出了理论解释。

The popular view portrays social capital as wholly beneficial with no significant downside.Based on case studies of Shaoxing and Taizhou in Zhejiang Province,the paper explores the relationships between social capital,structure of inter-firm financial network and inter-firm risk contagion,and provides empirical evidence for thedownside of social capital.It is suggested that the use of social capital is positivelylinked with the mean value of degree centrality in the financial network and leads to aless fragmented network structure.Moreover,it results in a higher degree of networkcohesion thus exacerbates the inter-firm contagion risk.Therefore,this paper attempts to propose a theoretical explanation for the risk contagion in Chinese real economy from the perspective of social capital.