企业家社会资本与新企业对风险资本融资选择的实证研究

An Empirical Research on Social Capital of Entrepreneurs and VC Financing of New Ventures

从社会资本对于企业的积极作用出发,研究企业家的社会资本对融资工具选择决策的影响,尤其是对风险资本选择的影响。实证研究表明,当新企业面临融资工具选择时,企业家的社会资本拥有度影响对风险资本使用的选择结果。当企业家社会资本拥有度较低或者较高时,企业倾向于选择其他方式融资;只有当企业家社会资本拥有度在中等水平时,企业倾向于选择风险资本股权融资。从而证实了在新企业中不存在简单的融资啄食,深化了新企业资本结构理论的研究成果。

This paper starts from the positive effects of social capital on enterprises to study the influence of the social capital of entrepreneurs on the choice of financing instruments, especially the choice of venture capital. The empirical study shows that when a new enterprise is faced with financing instrument choices, the volume of social capital owned by entrepreneurs would affect the choice of venture capital. When the volume of social capital owned by entrepreneurs is at a lower or higher level, the enterprises will tend to choose other ways of financing; only the volume of the social capital is at a medium level, will the enterprises tend to choose venture capital equity financing. Thereby it is proved that there is no simple financing pecking in the new business, which has enriched the research results of the capital structure theory of new ventures.