政治關(guān)系、社會信任與民營企業(yè)債券融資實證研究
發(fā)布時間：2019-03-28 18:42
【摘要】：嵌入性理論認為企業(yè)是嵌入于其所處的社會網(wǎng)絡(luò)中的,因此企業(yè)的融資行為同時受到正式制度因素和非正式制度因素的影響。現(xiàn)有關(guān)于我國企業(yè)融資影響因素的研究大都關(guān)注正式制度因素的影響作用,忽視對非正式制度因素的考慮。近幾年來,隨著我國企業(yè)債券市場的發(fā)展,債券融資工具種類不斷的增多,特別是短期融資券、公司債券和中期票據(jù)等債券工具為民營企業(yè)直接融資提供了更大的選擇空間。在發(fā)展我國企業(yè)債券市場的背景下,有必要探究影響企業(yè)債券融資的各類非正式制度因素。已有理論研究發(fā)現(xiàn)社會信任作為社會資本的核心要素,對企業(yè)的融資行為具有重要的影響,企業(yè)在長期的經(jīng)濟活動中逐漸積累起來的信任資本能夠增強企業(yè)獲取銀行信貸資金的能力；同時在中國這樣的關(guān)系型社會中,民營企業(yè)的政治關(guān)系資源對企業(yè)的信貸融資也具有積極的促進作用。那么在我國的轉(zhuǎn)型經(jīng)濟體制內(nèi),作為民營企業(yè)社會資本的不同類型,特殊的政治關(guān)系資本和普遍的社會信任資本對企業(yè)債券融資的影響作用值得深入研究。與以往較多關(guān)注企業(yè)信貸融資影響因素的研究不同,本文將焦點轉(zhuǎn)向影響民營企業(yè)債券融資的非正式制度因素,在分別研究政治關(guān)系資本和社會信任資本對民營企業(yè)債券融資規(guī)模和融資期限影響的基礎(chǔ)之上,進一步探究了特殊的關(guān)系資本和普遍的信任資本在發(fā)揮融資效應(yīng)時的交互作用。研究采用實證分析的方法,以在我國企業(yè)債券市場融資的上市民營企業(yè)為研究對象,運用SPSS17.0對收集的數(shù)據(jù)進行分析,研究結(jié)果顯示：(1)民營企業(yè)與政府建立的特殊的政治關(guān)系資本和企業(yè)在長期的經(jīng)濟交往中逐漸積累起來的社會信任資本具有促進企業(yè)債券融資的經(jīng)濟作用；(2)政治關(guān)系資本和社會信任資本在發(fā)揮促進企業(yè)債券融資效應(yīng)時存在一定的替代作用,當(dāng)企業(yè)具有關(guān)系資本時信任對企業(yè)債券融資的影響作用小于企業(yè)不具有關(guān)系資本時信任對企業(yè)債券融資的影響作用；(3)在融資期限方面,政治關(guān)系資本和社會信任資本更有利于企業(yè)短期債券融資。研究結(jié)論有助于了解不同類型社會資本對企業(yè)融資行為的影響。
[Abstract]:The embedding theory holds that the enterprise is embedded in the social network in which it is located, so the financing behavior of the enterprise is influenced by both the formal institutional factor and the informal institutional factor at the same time. Most of the existing researches on the influencing factors of enterprise financing in our country pay attention to the influence of formal institutional factors and neglect the consideration of informal institutional factors. In recent years, with the development of corporate bond market in China, the types of bond financing instruments have been increasing, especially in short-term financing bonds, corporate bonds and medium-term notes, which provide a greater choice for private enterprises to direct financing. Under the background of the development of corporate bond market in China, it is necessary to explore the various informal institutional factors that affect the financing of corporate bonds. Previous theoretical studies have found that social trust, as the core element of social capital, has an important impact on the financing behavior of enterprises. The trust capital gradually accumulated in long-term economic activities can enhance the ability of enterprises to obtain bank credit funds; At the same time, in such a relational society as China, the political relationship resources of private enterprises also play an active role in promoting the credit financing of enterprises. So, in the transitional economy system of our country, as the different types of social capital of private enterprises, the influence of special political relation capital and universal social trust capital on corporate bond financing is worthy of further study. Different from the previous researches on the influencing factors of corporate credit financing, this paper focuses on the informal institutional factors that affect the financing of private enterprises' bonds, and this paper focuses on the informal institutional factors that affect the financing of private enterprise bonds. On the basis of studying the influence of political relation capital and social trust capital on the financing scale and financing term of private enterprise bonds, this paper further explores the interaction of special relational capital and universal trust capital in the development of financing effect. The research adopts the method of empirical analysis and uses SPSS17.0 to analyze the collected data, taking the listed private enterprises which are financing in the corporate bond market of our country as the object of study. The results show that: (1) the special political relationship capital between private enterprises and the government and the social trust capital gradually accumulated by enterprises in long-term economic exchanges can promote the economic role of corporate bond financing; (2) the capital of political relations and the capital of social trust play an alternative role in promoting the financing effect of corporate bonds. The effect of trust on corporate bond financing is smaller than that of non-relational capital when the enterprise has relational capital. The effect of trust on corporate bond financing is smaller than that of corporate bond financing when there is no relational capital. (3) in the term of financing, the capital of political relations and the capital of social trust are more favorable to the financing of short-term bonds of enterprises. The conclusion is helpful to understand the influence of different types of social capital on corporate financing behavior.
【學(xué)位授予單位】：東北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51
[Abstract]:The embedding theory holds that the enterprise is embedded in the social network in which it is located, so the financing behavior of the enterprise is influenced by both the formal institutional factor and the informal institutional factor at the same time. Most of the existing researches on the influencing factors of enterprise financing in our country pay attention to the influence of formal institutional factors and neglect the consideration of informal institutional factors. In recent years, with the development of corporate bond market in China, the types of bond financing instruments have been increasing, especially in short-term financing bonds, corporate bonds and medium-term notes, which provide a greater choice for private enterprises to direct financing. Under the background of the development of corporate bond market in China, it is necessary to explore the various informal institutional factors that affect the financing of corporate bonds. Previous theoretical studies have found that social trust, as the core element of social capital, has an important impact on the financing behavior of enterprises. The trust capital gradually accumulated in long-term economic activities can enhance the ability of enterprises to obtain bank credit funds; At the same time, in such a relational society as China, the political relationship resources of private enterprises also play an active role in promoting the credit financing of enterprises. So, in the transitional economy system of our country, as the different types of social capital of private enterprises, the influence of special political relation capital and universal social trust capital on corporate bond financing is worthy of further study. Different from the previous researches on the influencing factors of corporate credit financing, this paper focuses on the informal institutional factors that affect the financing of private enterprises' bonds, and this paper focuses on the informal institutional factors that affect the financing of private enterprise bonds. On the basis of studying the influence of political relation capital and social trust capital on the financing scale and financing term of private enterprise bonds, this paper further explores the interaction of special relational capital and universal trust capital in the development of financing effect. The research adopts the method of empirical analysis and uses SPSS17.0 to analyze the collected data, taking the listed private enterprises which are financing in the corporate bond market of our country as the object of study. The results show that: (1) the special political relationship capital between private enterprises and the government and the social trust capital gradually accumulated by enterprises in long-term economic exchanges can promote the economic role of corporate bond financing; (2) the capital of political relations and the capital of social trust play an alternative role in promoting the financing effect of corporate bonds. The effect of trust on corporate bond financing is smaller than that of non-relational capital when the enterprise has relational capital. The effect of trust on corporate bond financing is smaller than that of corporate bond financing when there is no relational capital. (3) in the term of financing, the capital of political relations and the capital of social trust are more favorable to the financing of short-term bonds of enterprises. The conclusion is helpful to understand the influence of different types of social capital on corporate financing behavior.
【學(xué)位授予單位】：東北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51
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