创业者的社会资本、创业经验对企业融资及IPO的影响研究  

The Impact of Entrepreneurs’ Social Capital and Entrepreneurial Experience on Corporate Finance and IPO

作　　者：陈敏灵[1] 王雪[1] 王孝孝 周彬 CHEN Minling;WANG Xue;WANG Xiaoxiao;ZHOU Bin(School of Economic and Management,Xi'an Shiyou University,Xi'an,Shaanxi,710065,China)

机构地区：[1]西安石油大学经济管理学院

出　　处：《西安石油大学学报（社会科学版）》2019年第6期11-20,47,共11页Journal of Xi’an Shiyou University:Social Science Edition

基　　金：国家社会科学基金项目(15BGL021);教育部人文社会科学青年基金项目(18YJC630046);陕西省社会科学基金项目(2018S21);陕西省教育厅专项科研计划项目(18JK0288)

摘　　要：创业者社会资本对创业企业资源获取及绩效提升发挥着至关重要的作用。以2015—2017年CV Source、私募通数据库中创业企业数据为样本进行实证检验,结果表明:创业者的社会资本对企业融资绩效具有较为显著的正向促进作用,但创业者社会资本对企业IPO发挥的作用不尽相同。研究还发现,在创业经验的调节作用下,创业者的社会资本对企业融资绩效的正向影响被强化,创业者承销商关系资本对企业IPO的正向影响被削弱,创业者政治关系资本对企业IPO的负向影响被弱化。Social capital of entrepreneurs takes a vital role in the acquisition of resources and performance improvement of entrepreneurs.Empirical tests are carried out with data from CV Source and Private Equity Database from 2015 to 2017.The results show that social capital of entrepreneurs has a significant positive effect on corporate financing performance,but the social capital of entrepreneurs takes different rolein corporate IPO.The study also finds that under the regulation of entrepreneurial experience,the positive impact of social capital of entrepreneurs on corporate financing performance is strengthened,while the positive impact of underwriter relationship capital of entrepreneurs on corporate IPO is reduced,and the negative impact of political relationship capital of entrepreneurs on corporate IPO is weakened.

关 键 词：企业融资 IPO 社会资本 创业经验 创业者 

分 类 号：F830.59[经济管理—金融学]