家族上市公司社会资本与企业的融资约束

Social capital of listed family firms and their financing constraints

家族企业是我国非公有制经济的重要组成部分,由于我国现有的金融体制、资本市场发展等诸多因素的制约,家族企业的内源融资受限,外源融资渠道狭窄,资金的短缺和融资困难成为束缚家族企业规模扩张、抑制其快速发展的主要瓶颈。以2006-2008年为样本区间,选取了在上海和深圳证券交易所上市的215家家族企业作为研究样本,对企业社会资本对企业融资约束的影响进行实证分析。实证结果表明家族上市公司在发展过程中普遍存在不同程度的融资约束,而企业社会资本中的普遍信任和企业关系网络等非经济制度性因素一定程度上可以缓解融资约束,提升企业的债务融资能力,并使企业的债务期限结构趋于短期化。

The family finns are the very important part of the non-public economy of China. However, because of the existing finan- cial management system and the capita/market development constraints y the internal source financing of family firms is limited and their external financing channel is narrow, and fund shortage and financing difficulty has become a bottleneck restricting their scale enlarging and inhibiting their development. Taking the period from 2006 to 2008 as the sampling duration, the data of 215 family firms listed in Shanghai and Shenzhen Stock Exchange are selected as samples to conduct empirical analysis of the impact of the so- cial capital on the financing constrains of family firms. The results indicate that the family firms face financing constraints in the de- velopment process. And the social capital, as trust and the network of relationships, which is a non-economl system factor, can relieve the stress of finn＇s financing constraints. At the same time, it enhance the capacity of debt financing, especially to the short- term debt.