社会资本、债务约束与非效率投资——基于中国上市家族企业数据的分析

Social Capital,Debt Constraint and Non-efficient Investment——Evidence from Chinese Listed Family Firms

负债可以约束非效率投资,称之为负债的相机治理作用。正式制度环境下,这一治理机制已经得到了广泛验证,那么非正式制度环境下这一机制是否依然成立?文章利用2008—2014年1378家沪深A股上市家族企业的数据,从宏观和微观两个层面考察了社会资本这一非制度环境因素对债务来源及期限影响企业非效率投资的调节作用。研究发现:债务来源方面,银行借款、商业信用与企业债券不同程度上均抑制了过度投资并缓解了投资不足,但社会资本仅对商业信用产生了显著调节作用,即社会资本越多,商业信用抑制过度投资的程度越强,缓解投资不足的程度也越强;债务期限方面,长期债务占比增加某种程度上会加剧过度投资及投资不足,但社会资本会缓解这一情况;短期债务占比增加能很好地抑制过度投资及缓解投资不足,并且社会资本会强化这一积极作用。文章基于社会资本视角,探讨了债务来源及期限对企业非效率投资行为的影响,研究结论拓展和丰富了社会资本领域的相关研究。

Debt can play its role of contingent governance by constraining non-efficient investment. The governance mechanism has been widely validated under the institutional environment. Thus,this paper aims to answer whether this mechanism is still valid under the noninstitutional environment. Using the data of 1378 Chinese listed family firms from 2008 to 2014 in Shanghai and Shenzhen A-share market,this paper studies the moderating effect of social capital on debt sources & maturity. The empirical evidence indicates that in terms of debt sources,bank loans,commercial credit and corporate bonds in varying degrees all inhibit the overinvestment and alleviate the underinvestment;but social capital only has significant moderating effect on the influence of commercial credit on non-efficient investment In other words,the more social capital there is in a region,the more significant role commercial credit can play in inhibiting the overinvestment and alleviating the underinvestment. In terms of debt maturity,to some extent,the increase of long-term debt ratio can aggravate overinvestment and underinvestment,but social capital will relieve the situation. While the increase of short-term debt ratio will inhibit the overinvestment and alleviate the underinvestment,and social capital do strengthen the positive effects. This paper discusses the relationship between debt sources & maturity and non-efficient investment from the perspective of social capital,and extends and enriches relevant study on social capital.