社会资本、市场化改革与企业绩效——来自中国上市公司的面板证据

Social Capital,Marketization Reform and Corporate Performance:Panel Evidence from Chinese Listed Corporations

本文通过对2004～2006年沪市210家上市公司高管人员的政治网络、经营网络和学校网络进行赋值,将其社会资本予以量化。我们将企业所在地的市场化程度引入模型,检验社会资本与市场化改革对于企业经营绩效的影响。本文得到的主要结论包括:(1)用政治网络度量的企业家社会资本对企业绩效存在显著的正向关系;(2)企业家社会资本对企业绩效的作用随着市场化的推进逐渐减弱;(3)企业家政治网络对企业绩效作用的影响高于经营网络和校友网络。

Measuring political,business and school networks of the executives employed by 210 listed corporations in Shanghai stock market from 2004 to 2006,this article offers the quantization of their social capitals,employs the degree of local marketization into the model and tests its co-impact with social capital on the corporate performance.It concludes that the entrepreneur's social capital measured by political network has a positive impact on the corporate performance,the impact of their social capital on the corporate performance weakens with the development of marketization,and the impact of their political networks is significantly higher than that of their business and school networks.