企业社会声誉、经营风险与商业信用融资  

Corporate Social Reputation,Business Riskand Commercial Credit Financing

作　　者：徐明 郭淑娟[1] 刘玎琳[1] XU Ming;GUO Shujuan;LIU Dinglin(School of Economics and Management,Taiyuan University of Technology,Jinzhong 030600,China)

机构地区：[1]太原理工大学经济管理学院,山西晋中030600

出　　处：《技术与创新管理》2024年第5期584-592,共9页Technology and Innovation Management

基　　金：教育部人文社会科学研究青年基金项目“混改国企非国有股东董事会权力超额配置的微观机制及经济后果研究项目”(22YJC630059);山西省哲学社会科学规划课题“动态及竞争环境下山西科技型企业双元创新驱动高质量发展路径研究”(2022YY025)。

摘　　要：组织的社会声誉事关企业间的交易和信用关系,是构建企业动态竞争优势、推动企业高质量发展的重要推手。以2009—2021年A股上市公司为研究对象,实证探讨了企业社会声誉对其商业信用融资的影响,以及经营风险的中介传导效应。研究结果表明,企业社会声誉与商业信用融资之间存在显著的正相关关系,即企业社会声誉越高,其获取商业信用融资的能力越强,经营风险水平在企业社会声誉影响商业信用融资的过程中起到了中介传导效应,表明企业社会声誉的提高会降低其经营风险,进而促进其商业信用融资。进一步研究发现,不同的产权性质、企业规模对企业社会声誉与商业信用融资之间关系的影响存在差异。研究结果对于保障企业及时获取融资,推动企业长足稳定发展具有重要参考价值。The social reputation of an organization is related to the transaction and credit relationships between enterprises,and is an important driver for building dynamic competitive advantages and promoting high-quality development of enterprises.This study focuses on A-share listed companies from 2009 to 2021 as the research subject and empirically investigates the influence of corporate social reputation on commercial credit financing,as well as the mediating role of operational risk.The findings reveal a significant positive correlation between corporate social reputation and commercial credit financing,indicating that a higher corporate social reputation enhances its ability to secure commercial credit financing.Moreover,operational risk acts as an intermediary in the relationship between corporate social reputation and commercial credit financing,suggesting that enhancing corporate social reputation reduces operational risk and subsequently facilitates access to commercial credit financing.Further analysis demonstrates that the impact of corporate social reputation on commercial credit financing varies depending on the property rights nature and enterprise size.These results provide valuable insights for ensuring timely access to funding by enterprises and promoting their long-term stability.

关 键 词：企业声誉 商业信用融资 经营风险 社会责任 非正式制度 

分 类 号：F832.4[经济管理—金融学] F272.3