社会资本对企业投资效率影响研究——基于法律监管环境的分析  

An Empirical Research on the Effect of Social Capital on Enterprises Investment Efficiency: Analysis Based on the Legal System Environment

作　　者：齐钰 花冯涛[1] QI Yu;HUA Feng-tao(Shool of Economics and Management,Anhui Normal University,Anhui Wuhu 24100,China)

机构地区：[1]安徽师范大学经济管理学院

出　　处：《重庆工商大学学报（社会科学版）》2019年第6期64-75,共12页Journal of Chongqing Technology and Business University：Social Science Edition

基　　金：国家社科基金青年项目(13CGL028)“基于信息不确定性视角下的中国股票市场公司特质风险研究”

摘　　要：在强调人脉和圈子的中国社会,企业通过社会资本这一重要的非正式制度获取稀缺资源,成为企业谋求发展的一种主流形势。本文将社会资本理论融入公司投资行为中进行研究,通过构建一套包括社会关系和社会经历两个维度,共6个子指标的高管社会资本衡量体系,全面测量了高管团队的社会资本,检验了高管团队社会资本与企业投资行为的关系。结果表明:高管团队社会资本对企业的投资效率有显著提升作用,并且在法律监管环境不完善的地区社会资本对投资效率的影响更加显著。本文的研究验证了社会资本作为一种非正式制度在公司发展过程中的重要性,同时政府应当推动法律制度环境这一正式制度的建设,为企业发展营造一个公平、良好的市场环境。Chinese society emphasizes connections and circles,and therefore enterprises obtain scarce resources through social capital,an important informal system,which has become a mainstream situation for enterprises to seek development.Based on the integration of the social capital theory into the research on corporate investment behavior,this paper constructed a set of social capital measurement system with two dimensions which include 6 sub-indicators for social relations and social experience to have comprehensively measured the social capital of top management team (TMT),at the same time,the relationship between social capital of TMT and corporate investment efficiency has been examined too.The result shows that the social capital of TMT has a significant increasing effect on the investment efficiency of the enterprises,and the social capital has more significant influence on the investment efficiency in the area where the legal supervision environment is not perfected.This study verifies the importance of social capital as an informal system in the process of corporate development,and the government should promote the construction of the legal system environment as a formal system to create a fair and good market environment for the development of the enterprises.

关 键 词：社会资本 投资效率 法律制度环境 

分 类 号：F830.59[经济管理—金融学]