创业融资中社会资本作用机理的理论模型解释  

The Function of Social Capital in Venturing Finance:A Theoretical Model

作　　者：秦志华[1] 徐斌[2] 张明慧[3] 

机构地区：[1]中国人民大学商学院,北京100872 [2]武汉大学经济与管理学院,武汉430072 [3]中国人民大学农业与农村发展学院,北京100872

出　　处：《管理评论》2012年第5期10-20,共11页Management Review

基　　金：国家自然科学基金项目(70672094)

摘　　要：白手起家进行创业融资的依托是社会网络。社会网络的作用在于,不仅能够帮助投资者识别创业者的企业家能力,而且能够帮助创业者以自己拥有的社会资本补充物质财富的不足,促使投资者为了增加自己的社会资本而向创业者投资,并降低当前经济收益方面的投资回报率要求。因此社会资本融资是促进创业者白手起家的重要途径,甚至是必要条件。但是,随着创业者物质财富的增加,社会资本融资的情况会减少,直至转向以资本市场为主要融资手段。本文以创业者的企业家能力、物质财富、社会资本为基本变量,构建了社会资本融资作用机理的理论模型;并以模型为依据,推导了社会资本融资方式的一系列命题。The venture financing from scratch depends on the social network. Social networks can not only help investors to identify entrepreneurial ability, but also help entrepreneurs to supplement material wealth with their own social capital, promote investors to increase entrepreneurial investments for the more social capital, and decrease the investors＇ economic requirement-return on investment. Therefore, social capital financing is an important means, or even a necessary one, to promote the start-up from scratch. However, with the growth of material wealth, entrepreneurs will decrease social capital financing, gradually shifting to capital market financing as the primary means. This paper constructs a theoretical model of social capital financing, in which the entrepreneurial ability, material wealth and social capital are the basic variables; and based on this model, the reality of social capital financing is logically explained.

关 键 词：白手起家创业 创业资源获取 创业融资 社会资本 社会资本融资 

分 类 号：F279.2[经济管理—企业管理]