嵌入性视角下的企业家社会资本与权益资本成本——来自我国民营上市公司的经验证据

Social Capital of the Entrepreneur and the Cost of Equity Capital under the Embeddedness Perspective——Evidence from Chinese Private Listed Firms

传统研究对于权益资本成本的考察往往关注正式制度安排下各种可能的影响因素,忽视了个人或组织经济行为的社会嵌入性,以及这种嵌入性对权益资本成本的潜在影响。本文以我国2003—2007年的民营上市公司为研究样本,基于社会资本嵌入性思想,从网络关系、网络地位和网络声誉三个维度构建企业家社会资本评价指标体系。在此基础上。本文对企业家社会资本与权益资本成本之间的内在关联展开实证分析。研究发现,企业家所拥有的社会资本有助于降低公司权益资本成本,并且,社会资本这种功效在法律保护较薄弱的地区表现得更加显著。本文从权益资本成本的角度证实了我国民营企业家社会资本的积聚,对于企业的成长发挥着重要的积极意义。

Traditional research pays more attention to the influence of effect factors on the capital cost under the formal institution, but neglects the person or organization＇s social embeddedness and its impact on the capital cost. Based on the sample of the Chinese private listed firms from 2003 to 2007, this paper sets up the composite index of social capital of the entrepreneur from three dimensions such as network relationship, network status and network reputation. The evidence shows that the social capital owned by the entrepreneur of the private firms significantly decreases the cost of equity capital, and this positive effect is greater in the areas where the legal regime environment is poor. This paper proves the importance of the entrepreneur＇s social capital on the growth path of the private firms in China from the perspective of capital cost.