社会资本与企业创新决策  

Social Capital and Corporate Innovation

作　　者：陈宏波 李思飞[2] 王莅静 CHEN Hongbo;LI Sifei;WANG Lijing(Huashang Chancheng Investment Holding Group Limited,Shenzhen,5180526,China;International Business School,Beijing Foreign Studies University,Beijing,100089,China;Hanqing Institute,Renmin University of China,Beijing,100872,China)

机构地区：[1]华商产城投资控股集团有限公司 [2]北京外国语大学国际商学院 [3]中国人民大学汉青研究院

出　　处：《金融评论》2018年第4期69-82,120,121,共16页Chinese Review of Financial Studies

基　　金：北京外国语大学"中央高校基本科研业务费专项资金资助"(项目批准号:2017QZ002)的支持

摘　　要：本文以全国范围内的民营企业调研数据为样本,实证检验了地区、企业和个人三个层面的社会资本对于企业创新活动的影响。实证研究发现,由于社会资本可以通过增强经济个体之间的信任,降低合约执行与监督成本等路径在创新资源获取,创新投资机会识别等方面促进企业创新投入,因此三个层面的社会资本都会对企业的创新决策有正向的影响。关于三个层面社会资本的相互作用的进一步研究发现,地区层面的社会资本与企业层面社会资本,个人层面的社会资本在影响企业创新决策方面有替代效应,但是企业层面和个人层面的社会资本之间没有显著的相互影响。This paper employs the data of nationwide survey on private firms to empirically examine how different levels of social capital affect corporate innovation.The empirical results show that as the social capital could increase the social trust between corporations and lower the cost of contract implement and monitoring,which helps to increase the resources needed for innovation and recognize better investment opportunities.Therefore,social capital of the region,the corporate and the entrepreneurs all have positive effect on corporate innovation.The further research on the interaction among the three levels of social capital shows that the regional social capital could be a substitute for the corporate and personal social capital in affecting corporate innovation,but the there is no significant interaction effect between corporate social capital and personal social capita.

关 键 词：民营企业 社会资本 企业创新 

分 类 号：G34[文化科学]