社会资本可以增进企业风险资本获取能力吗——来自创业板上市公司的证据  

Can Social Capital Improve Enterprise in Access to Venture Capital——Based on the Evidence of Gem Listed Company

作　　者：周霖 蔺楠[1] Zhou Lin;Lin Nan(International Business Administration College,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学国际工商管理学院,上海200433

出　　处：《科技进步与对策》2018年第6期84-92,共9页Science & Technology Progress and Policy

基　　金：上海财经大学研究生科研创新基金项目(CXJJ-2015-326)

摘　　要：以2009年10月到2015年12月在中国创业板上市的495家上市公司为研究对象,验证了社会资本对企业融资能力的影响。首先,将社会资本划分为政治关系资本和行业关系资本,然后,将其中的政治关系资本进一步细分为官员型政治关系资本和代表委员型政治关系资本,更加细致深入地验证了社会资本对企业融资能力的影响。研究结果如下:(1)无论是政治关系资本还是行业关系资本都有助于企业获得风险投资,表明社会资本可以向外界传递出反映企业高质量的信号,从而帮助其获取风险投资以缓解融资约束;(2)官员型政治关系资本同样有助于企业获得风险投资;(3)代表委员型政治关系资本对企业获得风险投资没有显著影响。Based on the data of Chinese Growth Enterprise Market listed companies from October 2010 to December 2015,this article verifies the effect of social capitals on financing capacity.At first,it divides social capitals into political connection capitals and industrial connection capitals,and then political connection capitals are classified as“government officials”connection capitals and“members of People’s congress or Chinese people’s Political Consultative Conference”connection capitals and verify the effect of social capitals on financing capacity again.The results show that whether enterprises with political connection capitals or industrial connection capitals are more likely to get venture capital.It make clear that social capital can reflect high quality signals of the enterprise to send out investors,thus helping them access to venture capital to ease the financing constraints;enterprises with“government officials”connection capitals are more likely to get venture capital;enterprises with“members of People’s congress or Chinese people’s Political Consultative Conference”connection capitals have no significant effects on getting venture capital.

关 键 词：社会资本 风险资本 政治关系资本 行业关系资本 风险投资 

分 类 号：F832.48[经济管理—金融学]