企业家社会资本、融资约束与文化创意企业创新绩效

Entrepreneur’s Social Capital, Financial Constraints and Innovation Performance of Cultural and Creative Enterprises

本文立足于金融市场信息不对称的现实,结合文化创意企业的特性,从理论上考察非正式制度表现形式之一的异质性企业家社会资本对企业创新绩效的影响机制,并用2010~2016年134家沪深文化创意上市公司的数据进行实证检验。结果发现:融资约束抑制了文化创意上市公司的创新绩效,且不同类型的企业家社会资本对创新绩效有不同影响。企业家专业技能资本可通过缓解文化创意企业的融资约束来提高其创新绩效,而政治关系资本与商业关系资本对其影响不显著。进一步检验发现,企业家社会资本的作用因所有权性质差异而表现出不同,上述结论对民营文化创意企业成立。

Based on the realistic characteristics of financial market's information asymmetry,this paper theoretically examines the impact mechanism of heterogeneous entrepreneur's social capital on Cultural and Creative Enterprises ( CCEs )' innovation performance from the perspective of financial constraints,and conducts an empirical analysis with the data of 134 Chinese listed CCEs between 2010 and 2016.The results show that financial constraints inhibit CCEs' innovation performance,and different types of social capital affect innovation performance differently.Specifically speaking,professional skill social capital can improve CCEs' innovation performance by easing the financial constraints.However,entrepreneur's political relational capital as well as commercial relational capital make no difference,which may be due to the higher maintenance cost caused by these two kinds of capital and thus their positive roles are weakened.Further examination finds that the above conclusions only apply to the private CCEs.