社会资本视角下企业融资行为研究
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摘要
企业融资行为是现代公司财务理论研究的核心问题，回顾我国公司财务理论发展的历史，改革开放前，我国财务理论因为没有资本市场作为依托，仅仅作为会计学的附庸，专注研究企业具体的财务活动，改革开放后，随着经济体制的发展和资本市场的建立，我国财务理论才开始逐步独立于会计学，但基本上是照搬国外成熟资本市场的理论，研究观点和结论往往与我国现实差距较大，尤其在企业融资行为方面，与国外成熟国家相比有较大差异，形成了具有中国特色的企业融资行为“异象”，国外经典财务理论对我国企业融资行为的解释力遭到了巨大的挑战，因此，如何借鉴国际上普遍认可的研究方法，研究并解释具有中国特色的企业融资行为已成为我国财务界迫切面临的重大课题。企业的融资行为虽然表现为货币资金的运动，但更深层次体现出的是一种社会关系，依靠的是一种社会机制，尤其在我国经济转型时期，法律制度、金融制度尚不完善，社会关系成为我国资源配置的主流方式，企业的财务行为表现出一定的社会性，以“社会关系、社会网络”为主要研究内容的社会资本理论或许是研究具有中国特色财务理论的一个突破口。
本文首先论述社会资本的形成及其演化过程，其次，从企业资源获取能力的效果出发，构建企业社会资本指数，并验证指数设计的有效性；然后，剖析社会资本对企业融资行为的作用机理，揭示其影响的途径；最后，在理论分析的基础上，实证检验社会资本对企业融资行为的影响，并验证社会资本下企业融资行为的有效性。具体而言，本文主要研究结论如下：
（1）社会资本的形成及其稳定性分析。运用演化博弈理论和动态博弈分析方法，分析社会资本的形成和演化过程，以及在适当初始条件下最终达到的稳定均衡点，探索促进社会资本形成的条件和策略。
（2）企业社会资本指数的构建。以企业生产方式和管理层次为主线，从企业资源获取能力的效果出发，利用公开财务数据，设计企业社会资本指标体系，然后运用变异系数法，构建社会资本指数。并以我国2004-2010年沪深A股上市公司为例，计算上市公司的社会资本指数，实证检验企业社会资本的持续性和稳定性的特征，同时也解释了我国上市公司社会资本总体偏低且差距较大的原因。
（3）社会资本对企业融资行为影响的作用机理。根据社会资本的特点，从“社会网络、信任、社会规范”三个形成要素出发，剖析社会资本在企业融资过程中的作用机理，将社会资本的特性融入到企业的融资行为中，采用数理方法和动态博弈分析方法演绎社会资本能够在企业融资过程中降低信息不对称程度、减少借贷双方的交易成本，防范道德风险。
（4）实证检验社会资本与企业融资行为之间的关系，并对社会资本下企业融资行为的有效性进行验证。运用多元统计方法分别检验社会资本对融资约束、融资能力、融资选择、债务期限、信用融资的影响。在大样本下探索企业融资行为的普遍规律，经研究，本文发现，社会资本能够显著缓解企业的融资约束，提升企业的融资能力，缩短企业债务期限、激励企业选择债务融资和信用融资等，这些行为显著降低企业的融资成本，提高融资效率。
Corporate financing behavior is the key issue of the research on the theories ofmodern corporate finance. Reviewing the history of the develpoment of Chinesecorporation finance theories, finance theories in our country are just subservient to theaccounting due to the lack of capital market as the basis and focus on the study ofspecific financial activities before the reform and opening up. After the reform andopening up, with the development of the economic system and the establishment ofthe capital market, our country’s finance theories begin to be independent ofaccounting gradually, but basically they imitate the theories of foreign mature capitalmarkets, whose research viewpoints and the conclusions have a relatively largedisparity from reality in China. Especially in the aspect of corporate financingbehavior, our country’s finance theories have a big difference from the financetheories of foreign mature countires and they form the financing behavior “vision”with Chinese characteristics.The explanation of foreign classic financial theoriesabout Chinese corporation financing behaviors suffers a huge challenge. Therefore,how to learn the international experiences of research methods that are generallyaccepted,research and explain the financing behavior with Chinese characteristics hasbecome the major issue wihch financial circles in China face with urgently.Althoughcorporate financing behavior manifests as the movement of the monetary fund,itrepersents a kind of social relationship,to a deep degree.It depends on a kind of socialmechanism.Especially in the transformation period of Chinese economy, legal systemand the financial system are not perfect.The social relationship becomes themainstream way of resource allocation. Corporation financial behavior represents acertain sociality. Social capital theory which focuses on Social relations and socialnetwork may be a breakthrough on the study of finance theories with Chinesecharacteristics.
This paper first discusses the formation conditions of social capital and theprocess of its evolution.Second, from the prospective of the effect of ability inenterprise’s access to resources, this paper constructs enterprise social capital index,and verifies the validity of the index design.Third, it analyzes the action mechanismof the social capital on the enterprise financing behavior and reveals the effectapproach. Finally, on the basis of theoretical analysis, it uses empirical tests of theinfluence of social capital on financing behavior of the enterprise and verifies the effectiveness of firm’s financing behavior. Specifically, the conclusions of this paperare as follows:
(1)Social capital formation and its stability analysis. It analyzes the social capitalformation and evolution,via evolutionary game theory and dynamic game theorymethod,and plus, the the final equilibrium in appropriate and initial conditions,thusfinding out the conditions and strategy that promote enterprise social capitalformation.
(2)The construction of corporate social capital index.Regarding enterpriseproduction method and the management level as the main line, from the prospectiveof the the effect of ability in enterprise’s access to resources,it establishes enterprisesocial capital index system based on public financial data.Then with the variationcoefficient method, it constructs the social capital index of enterprise. Shanghai ‘s andShenzhen’s a-share listed company from2004to2010is cited as an example tocalculate the listed company social capital index. The empirical tests of the continuityand stability features of enterprise social capital are used. Meanwhile, it illustrates thereason why there is a large disparity of the social capital as well as a overall low levelamong our listed companies in China.
(3)The action mechanism that social capital impacts on corporate financebehavior. According to the characteristics of social capital,from the prospectives ofsocial networks, trust, and social norms,it analyzes action mechanism of that socialcapital impacts on corporate finance behavior, blending the distinctiveness of socialcapital into the financing behavior of enterprises and adopting the dynamic gameanalysis methods to deduce the degree of information asymmetry of social capital insettling the problems rising during the corporate finance process.Therefore,itfunctions as a way to prevent from moral hazard for its reduction in the transactioncosts of both lenders and borrowers.
(4)The substantial evidence verifies the relationship between social capital andcorporate financing behavior, which also tests the effectiveness of corporate socialcapital financing behavior. It examines,with the method of multivariate statisticaladoptted,the influence social capital brought to financing constraints, financingcapacity, financing options, debt maturity, as well as the credit financing. Exploringthe universal law of corporate financing behavior in a large sample study, this articlefound that social capital can significantly enhance corporate financing capacity,shorten the debt maturity, motivate enterprises to opt debt financing, etc., which all strikingly lessen corporate financing costs,and boost financing efficiency.
本文首先论述社会资本的形成及其演化过程，其次，从企业资源获取能力的效果出发，构建企业社会资本指数，并验证指数设计的有效性；然后，剖析社会资本对企业融资行为的作用机理，揭示其影响的途径；最后，在理论分析的基础上，实证检验社会资本对企业融资行为的影响，并验证社会资本下企业融资行为的有效性。具体而言，本文主要研究结论如下：
（1）社会资本的形成及其稳定性分析。运用演化博弈理论和动态博弈分析方法，分析社会资本的形成和演化过程，以及在适当初始条件下最终达到的稳定均衡点，探索促进社会资本形成的条件和策略。
（2）企业社会资本指数的构建。以企业生产方式和管理层次为主线，从企业资源获取能力的效果出发，利用公开财务数据，设计企业社会资本指标体系，然后运用变异系数法，构建社会资本指数。并以我国2004-2010年沪深A股上市公司为例，计算上市公司的社会资本指数，实证检验企业社会资本的持续性和稳定性的特征，同时也解释了我国上市公司社会资本总体偏低且差距较大的原因。
（3）社会资本对企业融资行为影响的作用机理。根据社会资本的特点，从“社会网络、信任、社会规范”三个形成要素出发，剖析社会资本在企业融资过程中的作用机理，将社会资本的特性融入到企业的融资行为中，采用数理方法和动态博弈分析方法演绎社会资本能够在企业融资过程中降低信息不对称程度、减少借贷双方的交易成本，防范道德风险。
（4）实证检验社会资本与企业融资行为之间的关系，并对社会资本下企业融资行为的有效性进行验证。运用多元统计方法分别检验社会资本对融资约束、融资能力、融资选择、债务期限、信用融资的影响。在大样本下探索企业融资行为的普遍规律，经研究，本文发现，社会资本能够显著缓解企业的融资约束，提升企业的融资能力，缩短企业债务期限、激励企业选择债务融资和信用融资等，这些行为显著降低企业的融资成本，提高融资效率。
Corporate financing behavior is the key issue of the research on the theories ofmodern corporate finance. Reviewing the history of the develpoment of Chinesecorporation finance theories, finance theories in our country are just subservient to theaccounting due to the lack of capital market as the basis and focus on the study ofspecific financial activities before the reform and opening up. After the reform andopening up, with the development of the economic system and the establishment ofthe capital market, our country’s finance theories begin to be independent ofaccounting gradually, but basically they imitate the theories of foreign mature capitalmarkets, whose research viewpoints and the conclusions have a relatively largedisparity from reality in China. Especially in the aspect of corporate financingbehavior, our country’s finance theories have a big difference from the financetheories of foreign mature countires and they form the financing behavior “vision”with Chinese characteristics.The explanation of foreign classic financial theoriesabout Chinese corporation financing behaviors suffers a huge challenge. Therefore,how to learn the international experiences of research methods that are generallyaccepted,research and explain the financing behavior with Chinese characteristics hasbecome the major issue wihch financial circles in China face with urgently.Althoughcorporate financing behavior manifests as the movement of the monetary fund,itrepersents a kind of social relationship,to a deep degree.It depends on a kind of socialmechanism.Especially in the transformation period of Chinese economy, legal systemand the financial system are not perfect.The social relationship becomes themainstream way of resource allocation. Corporation financial behavior represents acertain sociality. Social capital theory which focuses on Social relations and socialnetwork may be a breakthrough on the study of finance theories with Chinesecharacteristics.
This paper first discusses the formation conditions of social capital and theprocess of its evolution.Second, from the prospective of the effect of ability inenterprise’s access to resources, this paper constructs enterprise social capital index,and verifies the validity of the index design.Third, it analyzes the action mechanismof the social capital on the enterprise financing behavior and reveals the effectapproach. Finally, on the basis of theoretical analysis, it uses empirical tests of theinfluence of social capital on financing behavior of the enterprise and verifies the effectiveness of firm’s financing behavior. Specifically, the conclusions of this paperare as follows:
(1)Social capital formation and its stability analysis. It analyzes the social capitalformation and evolution,via evolutionary game theory and dynamic game theorymethod,and plus, the the final equilibrium in appropriate and initial conditions,thusfinding out the conditions and strategy that promote enterprise social capitalformation.
(2)The construction of corporate social capital index.Regarding enterpriseproduction method and the management level as the main line, from the prospectiveof the the effect of ability in enterprise’s access to resources,it establishes enterprisesocial capital index system based on public financial data.Then with the variationcoefficient method, it constructs the social capital index of enterprise. Shanghai ‘s andShenzhen’s a-share listed company from2004to2010is cited as an example tocalculate the listed company social capital index. The empirical tests of the continuityand stability features of enterprise social capital are used. Meanwhile, it illustrates thereason why there is a large disparity of the social capital as well as a overall low levelamong our listed companies in China.
(3)The action mechanism that social capital impacts on corporate financebehavior. According to the characteristics of social capital,from the prospectives ofsocial networks, trust, and social norms,it analyzes action mechanism of that socialcapital impacts on corporate finance behavior, blending the distinctiveness of socialcapital into the financing behavior of enterprises and adopting the dynamic gameanalysis methods to deduce the degree of information asymmetry of social capital insettling the problems rising during the corporate finance process.Therefore,itfunctions as a way to prevent from moral hazard for its reduction in the transactioncosts of both lenders and borrowers.
(4)The substantial evidence verifies the relationship between social capital andcorporate financing behavior, which also tests the effectiveness of corporate socialcapital financing behavior. It examines,with the method of multivariate statisticaladoptted,the influence social capital brought to financing constraints, financingcapacity, financing options, debt maturity, as well as the credit financing. Exploringthe universal law of corporate financing behavior in a large sample study, this articlefound that social capital can significantly enhance corporate financing capacity,shorten the debt maturity, motivate enterprises to opt debt financing, etc., which all strikingly lessen corporate financing costs,and boost financing efficiency.
引文
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