通货膨胀预期、高管社会资本与商业信用融资——来自中国上市民营公司的经验证据

基于2007-2016年中国上市民营企业非平衡面板数据,探究通货膨胀预期、高管社会资本分别对商业信用融资的影响,并检验了高管社会资本的调节作用。研究发现:预期通货膨胀率与商业信用融资显著负相关;高管社会资本与商业信用融资显著正相关;进一步发现高管社会资本能够弱化预期通货膨胀率对商业信用融资的负面影响。据此结论提出如下建议:政府应加强维护较为稳定的宏观经济状态,将通货膨胀控制在合理范围中以缓解其对民营企业商业信用融资的负面影响;民营企业应加强其高管社会资本关系网络的构建,尤其在预期通货膨胀率上升时期,以降低其商业信用融资门槛而获得更多融资。

Based on the non-equilibrium panel data of China's listed private enterprises from 2007 to 2016, this paper explores the impact of inflation expectation and executive social capital on commercial credit financing respectively, and tests the regulatory effect of the executive social capital. The results show that the expected inflation rate is negatively correlated with commercial credit financing and the executive social capital is positively correlated with commercial credit financing. It is further found that social capital can weaken the negative impact of inflation expectation on commercial credit financing. Based on these conclusions, the following suggestions are obtained: the government should strengthen the maintenance of a relatively stable macroeconomic state and control inflation within a reasonable range to alleviate its negative impact on commercial credit financing of private enterprises;and private enterprises should strengthen the construction of executive social capital relationship network, especially at a time when expected inflation is rising, so as to lower the threshold of their commercial credit financing and obtain more financing.