高管社会资本对银行贷款契约的影响——基于社会资本微观层面的实证研究  

The Impact of Senior Managers' Social Capital on the Bank Loan Contracts——The Empirical Study Based on the Social Capital Perspectiveof Micro- Level

作　　者：张樱[1] 

机构地区：[1]西南交通大学经济管理学院,四川成都610031

出　　处：《山西财经大学学报》2016年第7期39-49,共11页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金面上项目(71472157);国家自然科学基金面上项目(71272140);国家自然科学基金青年科学基金项目(71002062)

摘　　要：选取政府关系网络、银行关系网络、社会关系网络三个维度测量公司高管社会资本水平,以2011-2014年471家非金融上市公司为样本,运用固定效应模型、随机效应模型、Logit模型、参数和非参数检验方法实证检验高管社会资本对银行贷款契约的影响。结果表明,镶嵌于关系网络中的高管社会资本对银行贷款契约具有显著正影响,即高管社会资本水平越高,贷款利率越低、贷款金额越多、贷款期限越长、贷款担保要求越宽松。The paper selects three dimensions of social capital,including the government network,bank relationship network,and social network,to measure the level of senior managers＇ social capital,and empirically studies the impact of senior managers＇ social capital on the bank loan contracts not only with Fixed- Effects model,Random- Effects model,and Logistic model,but also with a series of parameter and ncn- parameter tests,by using 471 listed non-financial companies over the period from 2011 to 2014 to form a balanced panel data as asample.The results indicate that the senior managers＇ social capital which embedded in the relationship network do positively affect bank loan contracts remarkably.More specifically：once the level of senior managers＇ social capital is higher,the enterprises would incline to obtain the lower rate,thelarger amount,thelonger maturity,and the looser guarantee of bank loan contracts.

关 键 词：高管社会资本 银行贷款契约 非正式社会制度 

分 类 号：F832.5[经济管理—金融学]