本文選題：企業(yè)社會資本　切入點：融資能力　出處：《東南大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)融資表面上是純粹的資金流動,其背后則是社會機(jī)制的作用,是社會關(guān)系的支撐。這一融資現(xiàn)象在我國的經(jīng)濟(jì)體制下尤為普遍,處在經(jīng)濟(jì)轉(zhuǎn)型階段的中國作為一個關(guān)系型社會,其資源配置自然地依賴于企業(yè)的社會關(guān)系網(wǎng)絡(luò),因此在我國可以為社會資本理論相關(guān)研究提供更合適的實證土壤。同樣地,從社會資本理論切入,以社會關(guān)系、社會網(wǎng)絡(luò)為支撐的企業(yè)社會資本研究對于完善中國特色融資理論有著非常重要的意義。此外,結(jié)合我國特殊的地區(qū)間市場化程度差異,進(jìn)一步探索不同市場化程度下企業(yè)社會資本對其融資能力的作用水平,也為探索我國企業(yè)融資理論的發(fā)展提供了一個新的方向。本文將社會資本理論的研究成果引入到我國企業(yè)融資理論,根據(jù)利益相關(guān)者理論等構(gòu)建企業(yè)社會資本指數(shù),通過剖析企業(yè)社會資本對其融資能力的作用機(jī)理,揭示其影響的途徑,在理論研究的基礎(chǔ)上引入2013-2015年間我國上市公司相關(guān)數(shù)據(jù)進(jìn)行實證檢驗。此外,結(jié)合我國經(jīng)濟(jì)制度轉(zhuǎn)型的特點,以地區(qū)間市場化程度差異為切入點,探索不同市場化程度下企業(yè)社會資本對融資能力的作用水平,豐富了企業(yè)社會資本理論在企業(yè)融資理論領(lǐng)域的研究內(nèi)容。根據(jù)理論闡述以及實證檢驗,本文發(fā)現(xiàn)企業(yè)社會資本可以緩解我國企業(yè)的融資約束問題,增強(qiáng)企業(yè)的債務(wù)融資能力,尤其能增強(qiáng)短期債務(wù)融資能力。針對地區(qū)間不同市場化程度,在引入HLM分層模型后,實證發(fā)現(xiàn)地區(qū)層面的差異對最終結(jié)果的影響較大,說明數(shù)據(jù)適合應(yīng)用分層模型,最終結(jié)果顯示低市場化程度會削弱企業(yè)社會資本對企業(yè)融資能力的正向作用。本文的主要創(chuàng)新之處包括引入利益相關(guān)者理論、社會網(wǎng)絡(luò)理論,在外部利益相關(guān)者的分類基礎(chǔ)上選取企業(yè)財務(wù)報表數(shù)據(jù)及公開信息,構(gòu)建企業(yè)社會資本指數(shù),比起已有大量文獻(xiàn)更具可操作性和實用性,此外已有文獻(xiàn)較少對企業(yè)所處地區(qū)市場化程度進(jìn)行區(qū)分,一般僅停留在企業(yè)社會資本與企業(yè)融資能力的實證觀測,即使有文章嘗試采取不同市場化程度的區(qū)分,也只是停留在分樣本直接比較的層面,因此本文針對區(qū)域市場化程度引入HLM分層模型,嘗試解決區(qū)域與企業(yè)間的跨層級問題,該研究方法更有科學(xué)依據(jù),研究結(jié)果也更值得信任。
[Abstract]:On the surface, enterprise financing is pure capital flow, behind which is the function of social mechanism and the support of social relationship. This phenomenon of financing is particularly common in our country's economic system. As a relational society, China's resource allocation naturally depends on the social network of enterprises, so it can provide a more suitable empirical soil for the relevant research of social capital theory in China. From the perspective of social capital theory, the research on corporate social capital supported by social relations and social networks is of great significance for perfecting the theory of financing with Chinese characteristics. To further explore the role of corporate social capital on its financing ability under different marketization levels, It also provides a new direction for exploring the development of enterprise financing theory in China. This paper introduces the research results of social capital theory into the enterprise financing theory of our country, and constructs the enterprise social capital index according to the stakeholder theory and so on. By analyzing the mechanism of corporate social capital on its financing ability and revealing the ways of its influence, this paper introduces the relevant data of Chinese listed companies from 2013 to 2015 on the basis of theoretical research to carry out an empirical test. According to the characteristics of China's economic system transformation, and taking the regional marketization difference as the starting point, this paper explores the function level of enterprise social capital to financing ability under different marketization degree. It enriches the research content of corporate social capital theory in the field of enterprise financing theory. According to the theoretical elaboration and empirical test, this paper finds that corporate social capital can alleviate the financing constraints of Chinese enterprises and enhance the debt financing ability of enterprises. In particular, it can enhance the ability of short-term debt financing. According to the different degree of marketization of different regions, after introducing the HLM stratification model, it is found that the difference at the regional level has a great influence on the final result, which indicates that the data is suitable for the application of stratified model. The final results show that low marketization will weaken the positive effect of corporate social capital on corporate financing ability. The main innovations of this paper include the introduction of stakeholder theory, social network theory, On the basis of the classification of external stakeholders, it is more feasible and practical to select enterprise financial statement data and open information, and to construct enterprise social capital index. In addition, there is little literature to distinguish the degree of marketization of the region in which the enterprise is located, generally only in the empirical observation of enterprise social capital and enterprise financing ability, even though some articles try to take different degree of marketization distinction. Therefore, this paper introduces HLM stratification model to solve the cross-level problem between regions and enterprises, and the research method has more scientific basis. The results are also more trustworthy.
【學(xué)位授予單位】：東南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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