民营企业融资过程中的声誉机制
|
摘要
改革开放三十年来,民营企业的发展为我国取得举世瞩目的经济成就做出了重要贡献,但与之相悖的是民营企业的生存环境尤其是融资环境却不容乐观。本文正是在这样的社会背景下,以企业声誉的视角作为切入点,来研究民营企业融资过程中的声誉机制。全文的核心内容及创新点主要包括三个方面:
(一)用博弈论的方法来研究声誉对民营企业融资过程的作用机制,通过对不同阶段声誉博弈的理论分析,本文推导出声誉能够增加企业的承诺力度,使企业获得长期的融资效益。融资市场的声誉机制会扼制企业采取欺骗和声誉伪装的动机。
(二)通过实证研究,剖析民营企业在正规和非正规金融市场上的声誉结构。在比较中,我们总结了不同市场上的融资声誉特征和侧重点,并发现了金融机构类型、企业组织性质与金融市场上的融资偏好之间的规律性结论。为充分发挥民间金融市场的功能,用声誉评价代替传统信誉评价已成为市场发展的趋势。
(三)在理论和实证研究的基础上,用温州地区的案例来验证前文所得出的重要结论,揭示了在正规金融市场上负面声誉环境的形成机制,同时结合了温州关系型的社会文化背景,本文发现内生性的专业化产业区和行业协会等组织安排形式是温州地区之所以能够形成良好的声誉环境、高效的民间融资体系的内在原因。
During the three decades of reform and opening to the outside world, the development of private enterprises made very important contributions to our country's economic achievements that attracted worldwide attention, on the contrary, the living environment of private enterprises, especially the financing environment is not optimistic. Based on this social background, we choose the perspective of corporate reputation as a breakthrough point to study the reputation mechanism in the process of private enterprises financing. The core content and innovative points of this paper mainly includes three aspects as follows:
Firstly, we used game theory methods to study the reputation of private enterprise financing mechanism. Through the different stages of the reputation of the game theory analysis, we derive that the reputation could increase the power of commitment to help enterprises obtain more effective long-term financing. On the financing market, the reputation mechanism will curb the motive of corporate fraud and reputation camouflage.
Secondly, by empirical research, we analysed both reputation structures of private enterprises in the formal and informal financial markets. In comparison, we summed up the characters and emphsis points of financing reputation on the different markets, and found certain regularity conclusions that the types of financial institutions, the natural of corporate organizations are related to financing preference on the market. In order to fully exert the function of private financial markets, evaluation by reputation is trend to replace the traditional evaluation of the credibility.
Thirdly, on the basic of theoretical and empirical study, we anaylse the cases from Wenzhou area to verify some of the important conclusions drown in the previous paper, and reveal the formative mechanism of the negative reputation environment in the formal fiancial market. Then, combined with the relationship under the Wenzhou-based social and cultural background, we found that endogenous Specialized Industrial Districts and other organizational arrangement forms like trade associations are the underlying reasons to answer why Wenzhou have been able to form a good reputation of the environment, and efficient system of private financing.
(一)用博弈论的方法来研究声誉对民营企业融资过程的作用机制,通过对不同阶段声誉博弈的理论分析,本文推导出声誉能够增加企业的承诺力度,使企业获得长期的融资效益。融资市场的声誉机制会扼制企业采取欺骗和声誉伪装的动机。
(二)通过实证研究,剖析民营企业在正规和非正规金融市场上的声誉结构。在比较中,我们总结了不同市场上的融资声誉特征和侧重点,并发现了金融机构类型、企业组织性质与金融市场上的融资偏好之间的规律性结论。为充分发挥民间金融市场的功能,用声誉评价代替传统信誉评价已成为市场发展的趋势。
(三)在理论和实证研究的基础上,用温州地区的案例来验证前文所得出的重要结论,揭示了在正规金融市场上负面声誉环境的形成机制,同时结合了温州关系型的社会文化背景,本文发现内生性的专业化产业区和行业协会等组织安排形式是温州地区之所以能够形成良好的声誉环境、高效的民间融资体系的内在原因。
During the three decades of reform and opening to the outside world, the development of private enterprises made very important contributions to our country's economic achievements that attracted worldwide attention, on the contrary, the living environment of private enterprises, especially the financing environment is not optimistic. Based on this social background, we choose the perspective of corporate reputation as a breakthrough point to study the reputation mechanism in the process of private enterprises financing. The core content and innovative points of this paper mainly includes three aspects as follows:
Firstly, we used game theory methods to study the reputation of private enterprise financing mechanism. Through the different stages of the reputation of the game theory analysis, we derive that the reputation could increase the power of commitment to help enterprises obtain more effective long-term financing. On the financing market, the reputation mechanism will curb the motive of corporate fraud and reputation camouflage.
Secondly, by empirical research, we analysed both reputation structures of private enterprises in the formal and informal financial markets. In comparison, we summed up the characters and emphsis points of financing reputation on the different markets, and found certain regularity conclusions that the types of financial institutions, the natural of corporate organizations are related to financing preference on the market. In order to fully exert the function of private financial markets, evaluation by reputation is trend to replace the traditional evaluation of the credibility.
Thirdly, on the basic of theoretical and empirical study, we anaylse the cases from Wenzhou area to verify some of the important conclusions drown in the previous paper, and reveal the formative mechanism of the negative reputation environment in the formal fiancial market. Then, combined with the relationship under the Wenzhou-based social and cultural background, we found that endogenous Specialized Industrial Districts and other organizational arrangement forms like trade associations are the underlying reasons to answer why Wenzhou have been able to form a good reputation of the environment, and efficient system of private financing.
引文
[1] Beatty, Ritter. Investment Banking, reputation and the underpricing of initial public offers. Pennsylvania University Working Paper, 1986:3-13.
[2] Berger, Word-of-Mouth Reputations in the Auto Insurance Market, Journal of Economic Behavior and Organization, 1988, Vol. 10, 225-234.
[3] Ballen, Kate. America's Most Admired Corporations. Fortune, 1992, 125(3):30-34.
[4] David Kreps and Robert Wilson. Reputation and imperfect information. Journal of Economic Theory. 1982,27:245-279.
[5] David Kreps. Corporate culture and economic theory. Cambrige: Cambridge University Press,1990:90-143.
[6] Fombrun, Charles J. & van Riel, C. The Reputation Landscape. Corporate Reputation Review. 1998. (1):5-14.
[7] Fombrun, Shanley. What's in a Name? Reputation Building and Corporate Strategy. The Academy of Management Journal, Jun. 1990,Vol. 33 (2): 233-258.
[8] George J. Mailath and Larry Samuelson. Your reputation is who you're not, Not you'd like to be. CARESS Working Paper, 1998:13-56.
[9] George J. Mailath and Larry Samuelson. Who wants a good reputation, review of Economic Studies 2001,68:415-441.
[10] Gotsi M. & Wilson A.M. Corporate Reputation. Seeking a Definition Corporate Communications. An International Journal, 2001, 6 (1):24-30.
[11] James G.Hutton, Michael B.Goodman, Jill B.Alexander, ChristinaM.Genest. Reputation management: the new face of corporate Public relations, Public Relations Review, 2001(27):247-261.
[12] J.Kennes, A.Schiff. The value of a reputation system. The university of Auckland, Working Paper: 1,39-41.
[13] Karen Cravens, Elizabeth Goad Oliver, Sridhar Ramamoorti. The Reputation Index: Measure and Managing Corporate Reputation, EuroPean Management Journal, 2003,Vol.21, (2):201-212.
[14] Laffertya,B.A and Goldsmith,R.E. Corporate Credibility's Role in Consumers' Attitudes and Purchase Intentions When a High versus a Low Credibility Endorser Is Used in the Ad. Journal of Business Research, Feb.l999,Vol.44(2):109-116.
[15] McClelland DC. The Achieving Society. New York: Van Nostrand Reinhold, 1961:12-50
[16] Milgrom & Roberts. Price and Advertising Signals of Product Quality . Journal of Political Economy. August 1986, Vol. 94(4): 796.
[17] Manfred Schwaiger. Components and Parameters of Corporate Reputation, An Empirical Study. Schmalenbach Business Review, 2004, 56(1): 46-72.
[18] Preece,S. Building a reputation along the value chain at Levi Strauss. Long Range Planning, December 1995,Vol.28,(6):88-98.
[19]Pietro Mazzola,Davide Ravasi,Claudia Gabbioneta.How to build reputation in financial markets.Long Range Planning,2006,39:385-407.
[20]Roberts & Dowling.Corporate Reputation and Sustained Superior Financial Performance.Strategic Management Journal,Dec.,2002,Vol.23,(12):1077-1093.
[21]Stigler,G.J.Information in the labor market.Journal of Political Economy,1962,Vol.70:49-73.
[22]Stewart Macaulay.Non-Contractual Relations in Business:A Preliminary Study.American Sociological Review,Feb.,1963,Vol.28(1):55-67.
[23]Spence,A.M.Market Signalling:Informational Transfer in Hiring and Related Screening Procedures,Cambridge:Harvard University Press,1974:15-41
[24]Saxton,K.Where do reputation come from.Corporate reputation review.1998,Vol 1(4):393-399.
[25]Steven Tadelis.What's in a Name? Reputation as a tradable asset.Stanford University.Working paper.1998:22-40.
[26]Steven Tadelis.The market for reputations as an incentive mechanism.Journal of Political Economy.,August 2002,Vol.110(4):854-882.
[27]Sabrina Helm,Designing a formative measure of corporate reputation.Corporate Reputation Review.2005(2):95-109.
[28]Weigelt,K.& Camerer,C.Reputation and corporate strategy:A review of recent theory and applications.Strategic Management Journal,1988,Vol.9(5):443 - 454
[29]William Pyle.Reputation Flow.Middlebury College,Working Paper No.0239,2002:36-70.
[30]Yuchtmamn-Yaar,E.Reputation,Image,Prestige,and Goodwill:An Interdisciplinary Approach to Organizational Standing,Human Relations,1997,Vol.50:1361-1381.
[31]迟志鹏.民营中小银行与民营中小企业关系型借贷中的声誉博弈.沿海企业与科技,2007(12):20-22.
[32]陈剩勇,马斌.温州民间商会:一个制度分析学的视角.温州民营经济发展30年--理论探索卷,温州:浙江人民出版社,2008:812-822.
[33]段婕.刍议中小企业的声誉管理.经济论坛,2005(13):66-68.
[34]杜庆余,陈剑波等.关系对非国有企业融资的影响研究.俞乔.中国金融学.四川:四川大学出版社,2004(9):33-50.
[35]杜云,张铭洪.网络商务声誉博弈新论.当代财经,2007(1):5-11.
[36]眭孝忠,周进,郑朴等.温州民营企业的兴起于发展.北京:中国文史出版社,2008:298-301
[37]黄春新.基于消费者感知的企业声誉影响因素研究[浙江大学学位论文].浙江大学管理学院,2005:1-30.
[38]黄嘉欣.企业声誉磁场效应.管理与财富,2006(9):70-72.
[39]黄亮华.企业声誉利财务绩效关系研究[浙江大学学位论文].浙江大学管理学院,2005:61-63.
[40]姜彬.中国民营企业融资体系分析.世界经济情况,2006(12):24-26.
[41]康荣平,袁进.群聚现象和温州经济的竞争力.温州民营经济发展30年--理论探索卷,温州:浙江人民出版社,2008:661-664.
[42]李严锋,麦凯.薪酬管理.大连:东北财经大学出版社,2002(2):27-51.
[43]李宝元.战略性激励.北京:经济科学出版社,2003:1-15.
[44]蓝虹,穆争社.构建融资企业声誉机制的博弈分析.中央财经大学学报,2005(2):52-56.
[45]刘郑一.员工感知的企业声誉与组织情感承诺关系研究[浙江大学学位论文].浙江大学管理学院,2006:11-38,99-100.
[46]刘志刚.基于求职者视角的企业声誉评价研究[浙江大学学位论文].浙江大学管理学院,2006:88-98.
[47]李维安等.网上交易中的声誉机制--来自淘宝网的证据.南开管理评论,2007(5):36-46.
[48]孟庆铭.中小民营企业融资问题研究.网络财富,2008(4):43-45.
[49]彭桂芳.关于我国民营企业融资难的思考.商业现代化,2004(4):166.
[50]盛世豪.从产业集群视角看温州模式.浙江社会科学,2004(2):18-21.
[51]石瑞勇.我国企业的声誉管理及其意义.求实,2004(11):207-208.
[52]汪炜,周宇.产业集群与浙江民营企业融资.浙江金融2008(2):16-17.
[53]武恒光,綦好东.我国农村公共品融资机制绩效与声誉机制研究.河北经贸大学学报,2007(2):71-75.
[54]吴文耀.农村居民互助性私人借贷行为分析[浙江大学学位论文].浙江:浙江大学管理学院,2008:27-33,40-51.
[55]徐金发,刘靓.企业声誉定义及测量研究综述.外国经济与管理,2004(9):25-30.
[56]徐明.基于声誉机制的国有企业经营者激励研究.经济与管理研究,2007(2):84-88.
[57]谢立新.产业集群的竞争优势:温州的经验与启示.温州民营经济发展30年--理论探索卷,温州:浙江人民出版社,2008:876-881.
[58]殷盛.浙江地区企业声誉定量评价模型研究[浙江大学学位论文].浙江:浙江大学管理学院,2004:28-50.
[59]余津津,现代西方声誉理论述评.当代财经,2003(11):18-22.
[60]张文彤等.统计分析高级教程.北京:高等教育出版社,2004:213-227.
[61]赵锡锋.企业声誉及其价值评估[山东大学学位论文].山东大学,2007:37-50.
[62]赵锡锋.对企业声誉评价研究的综述.价值工程,2007(4):117-119.
[63]赵岩青,何广文.声誉机制、信任机制与小额信贷.金融论坛2008(1):35-39.
[64]朱康对.温州鞋业:从地方化集群倒全球价值链.温州论坛,2005(3):28-36.
[65]张秀君.民营企业融资呼唤金融创新.浙江经济,2008(16):10-11.
[66]周文林、梁钢华.2008.珠三角未出现大规模企业倒闭现象.新华网,[2008.11.20]http//news.xinhuanet.com/fortune/2008-11/20/content_10387058.htm.
[67]浙江省经贸委、中小企业局等.2008.当前中小企业生存环境亟待改善.湖北决策咨询网,[2008.7.11]http://www.hubeidrc.gov.cn/2008/7-11/1043487063.html.
[2] Berger, Word-of-Mouth Reputations in the Auto Insurance Market, Journal of Economic Behavior and Organization, 1988, Vol. 10, 225-234.
[3] Ballen, Kate. America's Most Admired Corporations. Fortune, 1992, 125(3):30-34.
[4] David Kreps and Robert Wilson. Reputation and imperfect information. Journal of Economic Theory. 1982,27:245-279.
[5] David Kreps. Corporate culture and economic theory. Cambrige: Cambridge University Press,1990:90-143.
[6] Fombrun, Charles J. & van Riel, C. The Reputation Landscape. Corporate Reputation Review. 1998. (1):5-14.
[7] Fombrun, Shanley. What's in a Name? Reputation Building and Corporate Strategy. The Academy of Management Journal, Jun. 1990,Vol. 33 (2): 233-258.
[8] George J. Mailath and Larry Samuelson. Your reputation is who you're not, Not you'd like to be. CARESS Working Paper, 1998:13-56.
[9] George J. Mailath and Larry Samuelson. Who wants a good reputation, review of Economic Studies 2001,68:415-441.
[10] Gotsi M. & Wilson A.M. Corporate Reputation. Seeking a Definition Corporate Communications. An International Journal, 2001, 6 (1):24-30.
[11] James G.Hutton, Michael B.Goodman, Jill B.Alexander, ChristinaM.Genest. Reputation management: the new face of corporate Public relations, Public Relations Review, 2001(27):247-261.
[12] J.Kennes, A.Schiff. The value of a reputation system. The university of Auckland, Working Paper: 1,39-41.
[13] Karen Cravens, Elizabeth Goad Oliver, Sridhar Ramamoorti. The Reputation Index: Measure and Managing Corporate Reputation, EuroPean Management Journal, 2003,Vol.21, (2):201-212.
[14] Laffertya,B.A and Goldsmith,R.E. Corporate Credibility's Role in Consumers' Attitudes and Purchase Intentions When a High versus a Low Credibility Endorser Is Used in the Ad. Journal of Business Research, Feb.l999,Vol.44(2):109-116.
[15] McClelland DC. The Achieving Society. New York: Van Nostrand Reinhold, 1961:12-50
[16] Milgrom & Roberts. Price and Advertising Signals of Product Quality . Journal of Political Economy. August 1986, Vol. 94(4): 796.
[17] Manfred Schwaiger. Components and Parameters of Corporate Reputation, An Empirical Study. Schmalenbach Business Review, 2004, 56(1): 46-72.
[18] Preece,S. Building a reputation along the value chain at Levi Strauss. Long Range Planning, December 1995,Vol.28,(6):88-98.
[19]Pietro Mazzola,Davide Ravasi,Claudia Gabbioneta.How to build reputation in financial markets.Long Range Planning,2006,39:385-407.
[20]Roberts & Dowling.Corporate Reputation and Sustained Superior Financial Performance.Strategic Management Journal,Dec.,2002,Vol.23,(12):1077-1093.
[21]Stigler,G.J.Information in the labor market.Journal of Political Economy,1962,Vol.70:49-73.
[22]Stewart Macaulay.Non-Contractual Relations in Business:A Preliminary Study.American Sociological Review,Feb.,1963,Vol.28(1):55-67.
[23]Spence,A.M.Market Signalling:Informational Transfer in Hiring and Related Screening Procedures,Cambridge:Harvard University Press,1974:15-41
[24]Saxton,K.Where do reputation come from.Corporate reputation review.1998,Vol 1(4):393-399.
[25]Steven Tadelis.What's in a Name? Reputation as a tradable asset.Stanford University.Working paper.1998:22-40.
[26]Steven Tadelis.The market for reputations as an incentive mechanism.Journal of Political Economy.,August 2002,Vol.110(4):854-882.
[27]Sabrina Helm,Designing a formative measure of corporate reputation.Corporate Reputation Review.2005(2):95-109.
[28]Weigelt,K.& Camerer,C.Reputation and corporate strategy:A review of recent theory and applications.Strategic Management Journal,1988,Vol.9(5):443 - 454
[29]William Pyle.Reputation Flow.Middlebury College,Working Paper No.0239,2002:36-70.
[30]Yuchtmamn-Yaar,E.Reputation,Image,Prestige,and Goodwill:An Interdisciplinary Approach to Organizational Standing,Human Relations,1997,Vol.50:1361-1381.
[31]迟志鹏.民营中小银行与民营中小企业关系型借贷中的声誉博弈.沿海企业与科技,2007(12):20-22.
[32]陈剩勇,马斌.温州民间商会:一个制度分析学的视角.温州民营经济发展30年--理论探索卷,温州:浙江人民出版社,2008:812-822.
[33]段婕.刍议中小企业的声誉管理.经济论坛,2005(13):66-68.
[34]杜庆余,陈剑波等.关系对非国有企业融资的影响研究.俞乔.中国金融学.四川:四川大学出版社,2004(9):33-50.
[35]杜云,张铭洪.网络商务声誉博弈新论.当代财经,2007(1):5-11.
[36]眭孝忠,周进,郑朴等.温州民营企业的兴起于发展.北京:中国文史出版社,2008:298-301
[37]黄春新.基于消费者感知的企业声誉影响因素研究[浙江大学学位论文].浙江大学管理学院,2005:1-30.
[38]黄嘉欣.企业声誉磁场效应.管理与财富,2006(9):70-72.
[39]黄亮华.企业声誉利财务绩效关系研究[浙江大学学位论文].浙江大学管理学院,2005:61-63.
[40]姜彬.中国民营企业融资体系分析.世界经济情况,2006(12):24-26.
[41]康荣平,袁进.群聚现象和温州经济的竞争力.温州民营经济发展30年--理论探索卷,温州:浙江人民出版社,2008:661-664.
[42]李严锋,麦凯.薪酬管理.大连:东北财经大学出版社,2002(2):27-51.
[43]李宝元.战略性激励.北京:经济科学出版社,2003:1-15.
[44]蓝虹,穆争社.构建融资企业声誉机制的博弈分析.中央财经大学学报,2005(2):52-56.
[45]刘郑一.员工感知的企业声誉与组织情感承诺关系研究[浙江大学学位论文].浙江大学管理学院,2006:11-38,99-100.
[46]刘志刚.基于求职者视角的企业声誉评价研究[浙江大学学位论文].浙江大学管理学院,2006:88-98.
[47]李维安等.网上交易中的声誉机制--来自淘宝网的证据.南开管理评论,2007(5):36-46.
[48]孟庆铭.中小民营企业融资问题研究.网络财富,2008(4):43-45.
[49]彭桂芳.关于我国民营企业融资难的思考.商业现代化,2004(4):166.
[50]盛世豪.从产业集群视角看温州模式.浙江社会科学,2004(2):18-21.
[51]石瑞勇.我国企业的声誉管理及其意义.求实,2004(11):207-208.
[52]汪炜,周宇.产业集群与浙江民营企业融资.浙江金融2008(2):16-17.
[53]武恒光,綦好东.我国农村公共品融资机制绩效与声誉机制研究.河北经贸大学学报,2007(2):71-75.
[54]吴文耀.农村居民互助性私人借贷行为分析[浙江大学学位论文].浙江:浙江大学管理学院,2008:27-33,40-51.
[55]徐金发,刘靓.企业声誉定义及测量研究综述.外国经济与管理,2004(9):25-30.
[56]徐明.基于声誉机制的国有企业经营者激励研究.经济与管理研究,2007(2):84-88.
[57]谢立新.产业集群的竞争优势:温州的经验与启示.温州民营经济发展30年--理论探索卷,温州:浙江人民出版社,2008:876-881.
[58]殷盛.浙江地区企业声誉定量评价模型研究[浙江大学学位论文].浙江:浙江大学管理学院,2004:28-50.
[59]余津津,现代西方声誉理论述评.当代财经,2003(11):18-22.
[60]张文彤等.统计分析高级教程.北京:高等教育出版社,2004:213-227.
[61]赵锡锋.企业声誉及其价值评估[山东大学学位论文].山东大学,2007:37-50.
[62]赵锡锋.对企业声誉评价研究的综述.价值工程,2007(4):117-119.
[63]赵岩青,何广文.声誉机制、信任机制与小额信贷.金融论坛2008(1):35-39.
[64]朱康对.温州鞋业:从地方化集群倒全球价值链.温州论坛,2005(3):28-36.
[65]张秀君.民营企业融资呼唤金融创新.浙江经济,2008(16):10-11.
[66]周文林、梁钢华.2008.珠三角未出现大规模企业倒闭现象.新华网,[2008.11.20]http//news.xinhuanet.com/fortune/2008-11/20/content_10387058.htm.
[67]浙江省经贸委、中小企业局等.2008.当前中小企业生存环境亟待改善.湖北决策咨询网,[2008.7.11]http://www.hubeidrc.gov.cn/2008/7-11/1043487063.html.