政治关系、社会信任与民企债券融资——基于上市公司微观数据的实证研究

An Empirical Study on Political Connection, Social Trust and Bond Financing of Private Enterprises

基于嵌入性理论,研究非正式制度因素如何影响民营企业的融资。这里的非正式制度因素指企业在长期的经济活动中逐渐积累的信任资本与民营企业的政治关系资源,即社会信任与政治关系。在分别研究政治关系资本和社会信任资本对民营企业债券融资规模和融资期限影响的基础之上,进一步探究了特殊关系资本和普遍信任资本在发挥融资效应时的交互作用。

This paper studies how informal system factors influence the financing process of private enterprises based on the embedded theory. Here the informal system factors refer to the trust capital gradually accumulated in the long-term economic activities as well as private enterprises＇ political relationship resources, which means social trust and political connection. On the basis of separate study about the impact of political connection capital and social trust capital on private enterprises bond financing scale and financing maturity, this paper further explores the interaction between special relationship capital and general trust capital in the role of financing effect.