摘要
本文以深圳证券交易所创业板上市的171家公司为样本,选取企业横向社会资本、纵向社会资本和企业特有社会资本等三个维度7个指标,构建企业社会资本度量指标体系,采用固定时间效应模型的均衡面板数据分析方法,研究社会资本对企业债务融资可得性和融资结构的影响。研究结果显示,政企关系对企业债务融资可得性有不显著正向影响,但企业高管曾在银行任职、银企借贷关系时间和银企多元化关系对企业债务融资具有显著正向促进作用,国有控股和机构投资者控股则对其具有显著负向影响,无形资产对企业债务融资具有正向影响。企业社会资本都有助于企业获得长期债务融资。除此之外,企业营业利润率、企业实际税率、企业规模、资产担保价值和企业成长性都对企业债务融资可得性和融资结构具有一定的影响。
By taking the 171 companies listed on the Shenzhen Growth Enterprises Market as the sample and using 7 indicators of horizontal, vertical and characterized social capital, we builds a fixed effects model of the panel data to investigate the impact of social capital on the availability and structure of SMEs debt financing. The results show that the social capital has a positive effect on the level of long-term debt. The relation between the government and the enter- prises show a non-significant positive signal. The working experience of the high-level manager in the bank, the loan relationship and other relationships between bank and enterprises, and the intangible asset of enterprises all have a sig- nificant positive effect, but the state holding and institutional share-holding have a significant negative effect. Furthermore, with greater social capital, the enterprises are more likely to get long-term financing. Also, the OPR, the real tax rates, the size, the guarantee value and the growth potential of the enterprises all have an impact on the availability and structure of SMEs debt financing.
出处
《金融发展研究》
北大核心
2016年第11期12-18,共7页
Journal Of Financial Development Research
关键词
社会资本
中小企业
债务融资
融资结构
social capital, SMEs, debt financing, financing structure