社会资本、企业所有权属性与融资约束

Social Capital、the Ownership of Enterprises Attributes and Finance Restriction

本文以沪深两市2007年至2011年上市公司为样本,实证检验了社会资本对民营企业和国有企业在融资约束方面的影响差异。研究表明:社会资本对企业的融资约束有明显影响,良好的银企关系缓解企业的融资约束,但政企关系在本次研究中对融资约束没有显著影响;良好的政企关系有利于缓解民企的融资约束,但对国企无显著影响。银企关系对国企和民企的融资约束有缓解作用;在不同货币政策下社会资本对融资约束的影响也有所不同。

According to the samples of domestic listed company from 2007 to 2011, empirically studying the difference between the finance restriction from social capital to private enterprise and state-owned enterprise. It shows that: in the overall study, social capital has an strong influence on enterprises' finance restriction, nice relationship between the banks and companies can relieve the finance restriction, but the relationship between the government and the companies is not obviously influenced; in the research of the difference between the private enterprise and state-owned enterprise, nice relationship between the government and the companies can help relieve the private enterprises' finance restriction, but no effect on state-owned companies. The relationship between the banks and the companies can relieve the finance restriction on the state-owned and private companies. under the different monetary policies, the effect of social capitalon finance restriction isdifferent.