本文選題：社會資本　切入點：融資行為　出處：《西南大學》2017年碩士論文　論文類型：學位論文

【摘要】：大力發(fā)展高新技術產(chǎn)業(yè)是我國未來經(jīng)濟發(fā)展的戰(zhàn)略選擇,不僅能有助于我國增強自主創(chuàng)新能力和科學技術在經(jīng)濟發(fā)展中的含量,更有利于我國加快產(chǎn)業(yè)結構調(diào)整,穩(wěn)定經(jīng)濟增長,培育國民經(jīng)濟發(fā)展的新生力量,從根本上解決金融危機所留下的發(fā)展問題,實現(xiàn)我國經(jīng)濟持續(xù)發(fā)展的目標,然而,培育高新技術企業(yè)不僅需要新興科技的開發(fā),更需要資金的大力支持。由于目前我國大多數(shù)高新技術企業(yè)尚處于發(fā)展初期,發(fā)展?jié)摿Φ貌坏秸J可,難以吸引投資者,資金問題成為制約高新技術企業(yè)發(fā)展的主要原因。高新技術企業(yè)在經(jīng)營活動過程中,逐漸會形成了一個復雜的關系網(wǎng)絡,在這個關系網(wǎng)絡中企業(yè)與成員之間達成一定的共識和一致的行為準則,以信任關系為基礎,在社會關系網(wǎng)絡中獲取關鍵性資源,推動著企業(yè)交易的順利進行。一般情況下,企業(yè)的交易活動以信任關系為基礎,如果沒有信任,交易活動將受到很大的限制,此外,企業(yè)的社會關系網(wǎng)絡將有利于企業(yè)獲取關鍵資源,也有助于交易的順利進行。那么,社會關系網(wǎng)絡和信任是如何影響企業(yè)的經(jīng)濟活動?發(fā)展初期的企業(yè)如何才能培養(yǎng)社會關系網(wǎng)絡和信任關系,促進企業(yè)獲取資源?社會資本對企業(yè)融資行為影響的作用機制是什么?本文試圖以社會資本這一新穎的概念引入到經(jīng)濟學領域進行研究,考察社會資本對高新技術企業(yè)融資行為的影響,歸納總結社會資本基本特征,深入探討社會資本對企業(yè)融資行為影響的作用機理,有助于探索我國現(xiàn)階段高新技術企業(yè)的社會資本發(fā)展水平和運行規(guī)律,對于高新技術企業(yè)加強建設自身融資關系網(wǎng)絡,解決企業(yè)資金問題具有一定的指導意義。本文分別對社會資本和企業(yè)融資行為的核心概念進行梳理,歸納總結企業(yè)社會資本的特征,探討社會資本對企業(yè)融資行為影響的作用機理;對現(xiàn)階段我國高新技術企業(yè)的發(fā)展狀況和融資行為進行考察;借鑒前人理論,構建企業(yè)社會資本指標,選取高新技術企業(yè)樣本數(shù)據(jù),測算我國高新技術企業(yè)社會資本現(xiàn)狀及發(fā)展趨勢,建立計量模型,實證分析社會資本對高新技術企業(yè)融資方式的選擇、資本結構的選擇以及債務期限結構的影響。研究發(fā)現(xiàn):(1)企業(yè)社會資本呈現(xiàn)出較為復雜的內(nèi)容結構,具有社會性、生產(chǎn)性、嵌入性以及積累性等特征,基本要素表現(xiàn)為關系網(wǎng)絡、信任和社會規(guī)范的形式,這三個要素之間相輔相成,幫助企業(yè)積累良好的聲譽以及獲取關鍵性資源,從而減少企業(yè)交易成本,降低企業(yè)經(jīng)營風險。(2)目前,我國高新技術企業(yè)地區(qū)結構嚴重失衡,企業(yè)之間的差異較大,規(guī)模較小,整體呈現(xiàn)出“小弱散”的現(xiàn)象。由于企業(yè)是知識密集和技術密集的特點,企業(yè)融資需求高,但針對高新技術企業(yè)的融資體系并不完善,企業(yè)的科研經(jīng)費投入來源主要是依靠自有資金與政府補助。(3)高新技術企業(yè)間的社會資本水平差異十分明顯,整體發(fā)展相對停滯,處于或?qū)㈤L期處于一種較為穩(wěn)定且偏低的狀態(tài)。(4)企業(yè)社會資本的發(fā)展對我國高新技術企業(yè)融資行為產(chǎn)生了積極的影響。首先,高新技術企業(yè)的融資順序整體上遵循內(nèi)源融資、債務融資、股權融資,社會資本越高的企業(yè),選擇債務融資方式的可能性越高;其次,高新技術企業(yè)的社會資本與企業(yè)資本結構顯著正相關,且企業(yè)在資本結構調(diào)整過程中存在一定的調(diào)整成本;最后,企業(yè)社會資本的提高,對高新技術企業(yè)獲取債務資金中的優(yōu)勢作用主要體現(xiàn)在短期債務資金上,對獲取長期債務能力并沒有幫助。
[Abstract]:To develop the new high-tech industry is the strategic choice for China's future economic development, not only can the content can help China to enhance the capability of independent innovation of science and technology in economic development, more conducive to accelerate the adjustment of industrial structure in China, stable economic growth, foster a new force for the national economic development, the development of fundamentally solve the problem the financial crisis left behind, to realize sustainable development of China's economy, however, the cultivation of high-tech enterprises not only need to develop new technology, support needs more funds. Because most of today's high-tech enterprises in our country are still in the early stages of development, development potential is not recognized, it is difficult to attract investors, money becomes the main reason restricting the development of high-tech enterprises. High tech enterprises in the management process, gradually formed a complex network of relationships, in the relationship network Reach a consensus between the enterprise and members and consistent standards of behavior, based on the trust relations, access to key resources in social network, and promote the business transaction smoothly. In general, the enterprise transactions based on the trust relations, if there is no trust, trading activity will be greatly in addition, Limited Business Social network will help enterprises to obtain key resources, also contribute to the success of transactions. So, social network and trust is how to affect the economic activities of enterprises? How can the early development of the enterprise culture of social network and trust, promote enterprise access to resources? What is the mechanism the influence of social capital on enterprise's financing behavior? This paper attempts to a new concept of social capital into the field of economics research, effects of social capital on high technology Effect of financing behavior of enterprises, summarizes the basic characteristics of social capital, the mechanism of the influence of social capital on enterprise's financing behavior, help to explore the enterprises at the present stage of China's high-tech development level of social capital and operating rules for high-tech enterprises to strengthen the construction of self financing relationship network, which has a certain guiding significance to solve the problem of enterprise funds. The core concept of social capital and corporate financing behavior to sort out, summarize and summarize the characteristics of corporate social capital, to explore the mechanism of the influence of social capital on enterprise financing behavior; on the current development of China's high-tech enterprises and financing behavior were studied; the previous theory, the construction of corporate social capital index, select the data of high-tech enterprises, measuring social capital status and development trend of China's high-tech enterprises, construction Establish econometric models, empirical analysis of social capital on the choice of financing of high-tech enterprises, the choice of capital structure and debt maturity structure. The study found that: (1) corporate social capital shows a more complex structure, it is social, productive, embedded and accumulation characteristics, the basic elements of performance for the network, trust and social norms in the form of interaction between these three elements, help enterprises to accumulate good reputation and access to key resources, thereby reducing transaction costs, reduce business risk. (2) the serious imbalance in the structure of high-tech enterprises in areas of our country, the differences between enterprises large scale. Small, showing the whole "weak scattered" phenomenon. Because the enterprise is a knowledge intensive and technology intensive features, enterprise financing demand is high, but for the high technology enterprise financing system is not Perfect source of investment funding is mainly relying on its own funds and government subsidies. (3) differences in the level of social capital between high-tech enterprises is very obvious, the overall development is relatively stagnant, or in a long-term stable and low state. (4) the development of enterprise social capital has a positive on the financing behavior of high-tech enterprises in China. Firstly, the financing order of high-tech enterprises on the whole follow the internal financing, debt financing, equity financing, the higher social capital of enterprise, choose debt financing may be higher; secondly, positively related to high-tech enterprise social capital and enterprise capital structure, and there are some enterprises in the process of adjusting the cost of capital structure adjustment; finally, the enterprise social capital increase, used mainly in the short-term for high-tech enterprises to obtain the advantage of debt financing Debt funds do not help to obtain long-term debt.

【學位授予單位】：西南大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F276.44

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