社会资本对中小企业集群融资的影响及实现机制研究
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摘要
集群中小型企业在我国已经发展到相当的规模，有力地推动了生产技术的革新，加速了区域经济转型和工业化的进程，带动着区域经济不断发展。中小型企业集群的发展对我国的国民经济增长做出了重大贡献。然而，集群中的中小型企业发展承受着日益增加的外部同行业竞争压力，又受到自身资产规模的限制，出现了资金不足的状况，怎样融资成为困扰中小型企业的难题。近年来国家出台《中小型企业促进法》等相关法律法规，地方政府也在这方面做了许多工作，然而由于银行等金融机构出于信贷风险等方面的考虑，无法为中小型企业提供大规模的资金，所以这并未很好地解决集群中小型企业融资难的问题。所以，从不同角度研究如何促使集群中小型企业融资增加，是十分有现实意义的。本文立足社会资本的视角，主要研究社会资本对中小企业集群融资的影响，并依据理论提出了构建社会资本视角下中小企业集群融资支持体系的方案。
首先，本文对我国中小型企业集群融资的现状及其影响因素进行分析。中小型企业规模小、抗风险的能力不强等问题使其经常面临融资困境，对资金的需求量不大又很频繁等特点也使得它们不容易得到金融机构的贷款。集群融资可以使得贷款的风险大大降低而收益稳定性提高，所以集群融资成为化解中小企业融资困境的重要途径。银行和企业间的信息不对称、中小企业的信用度不高以及银行放贷道德风险大促进了集群融资的发展。集群融资一般通过主办银行融资方式、中小企业集群互助担保融资方式以及中小企业发行集合债券三种方式进行；受到政府扶植政策、集群内区域性民营中小银行的发展、集群企业信用担保体系以及集群内部的合作与信用关系等社会资本因素的影响。
其次，本文分析了产业集群内的社会资本及其演进。社会资本到目前为止并没有形成统一的概念,本文主要研究企业的社会资本，指的是企业基于社会网络、互惠、信任等关系形成的能够给企业带来价值的社会资源。产业集群社会资本由集群内的社会资本和集群作为一个整体对外关系中的社会资本，即集群企业的内部社会资本和外部社会资本构成。社会资本对产业集群有着重要的影响，对产业集群的位置、规模、集群速度，以及产业集群信息的对称度和产业集群的核心能力等，都具有很大的作用。企业社会资本是不断演进的，大致可分为形成、聚合和更新三个阶段。
再次，本文分析了社会资本对集群中小型企业的影响机理。社会资本是一种依托于人际关系的社会生产力资源，是通过长期的交流认知和互信形成的。社会资本的积累依靠交往和信誉，给企业融资带来积极的作用。社会资本的聚集来源于企业的地缘、人缘和亲缘关系。这些社会资本的投入使得融资更加方便快捷，也降低了融资的成本和风险，对企业融资有着重要促进作用。本文利用构建模型的方式解释了集群内部社会资本发挥的作用机理。
接着，文章列举实例证明社会资本对集群中小企业融资行为的影响。我国企业具有很强的股权融资和再融资的倾向，对相关数据分析得知非上市公司中主要资金来源为内部人员融资和借贷，及通过企业的社会网络关系得来的社会资本，这占到了九成以上的比例。企业债务融资使得公司治理得到加强、企业价值得到提高、融资效应明显。文中分析了发展社会资本促进中小型企业集群融资的途径和方式。培育社会资本需要政府出台相关的政策法规，造就社会资本融资的环境，发掘出社会资本的潜力。
继而，文中讨论了发展社会资本促进中小企业集群融资的途径和方式。我国产业集群中的社会资本发展中存在诸如嵌入式依赖、封闭性局限和内部结构失衡的问题，培育社会资本应该分别在企业层面、集群层面和政府层面进行。应该采取措施优化集群社会资本，建立规范化集群制度，改革结构性集群网络，实现集群关系信任与制度信任的平衡，以提升社会资本对中小企业融资的积极作用。并提出了构建社会资本视角下中小企业集群融资支持体系。
最后，本文对全文进行了总结，提出有待解决的问题。社会资本对中小企业集群融资有着非常重要的影响，应该改革机制促进中小企业集群融资的发展。但同时，本文的研究也存在着集群中小企业社会资本无法准确测量和社会资本对中小企业融资影响的实证分析不具备代表性和动态性的局限。
Cluster of small and medium-sized enterprises in our country has developedto a certain scale, effectively promote the production technology innovation,speed up the regional economic transformation and industrialization, drives theregional economic ceaselessly. The development of small and medium-sizedenterprise clusters of the economic growth in China has made significantcontribution. However, the small and medium enterprise development clusterunder increasing external industry competition pressure, and by themselves thelimits of the asset scale, insufficient funds appeared the condition, how tofinancing a problem of small and medium enterprises difficult problem. In recentyears the country has issued the "small and medium enterprise promotion law"and other relevant laws and regulations, and the local government also in thisrespect to do many work, however, because of financial institutions, such asBanks for credit risk, and other aspects of the consideration, not for small andmedium enterprises to provide the scale of the funds, so this has not very goodsolution to small and medium-sized enterprises cluster financing difficultquestion. So, from different point of view to small and medium-sized enterpriseresearch how to cluster financing is increasing, it is very is of practicalsignificance. This article based on the perspective of social capital, the mainresearch social capital for small and medium-sized enterprise cluster financingeffects, and on the basis of social capital theory put forward the constructionunder the perspective of small and medium-sized enterprise cluster financingsupport system solutions.
First of all, this paper discusses the present situation of the small andmedium-sized enterprise cluster financing and its influence factors wereanalyzed. Small and medium enterprises small in scale, the small scale of thefunds, resistance to the ability of the risk is facing such as financing difficulties,the demand for capital characteristics such as so often makes them not easy to getfinancial institutions loan, cluster financing can make the loan risk greatlyreduced while the benefits stability improved, so cluster financing be dissolvethe financing of small and medium enterprises important way. Banks and theinformation asymmetry between enterprises, the small and medium-sized enterprises is not high and the creditworthiness of bank lending moral risk bigpromoted the development of the cluster financing. Cluster financing general byhosting the bank financing way, small and medium-sized enterprise clustersmutual guarantee the financing way and small and medium-sized enterprises setbonds issued three ways, by government support policies, within a clusterregional development of small and medium-sized private bank, cluster enterprisecredit guarantee system and cluster of cooperation and credit relations within theinfluence of factors.
Secondly, this paper analyzes the social capital in the industrial cluster andits evolution. Social capital has not, so far, the concept of a unified, according tovarious theory, this paper holds that social capital is to show enterprise socialnetwork based on mutual benefit, trust, etc can brings to the enterprise principleof social resources. Industry cluster of social capital in the social capital bycluster and cluster as a whole social capital, that is, the enterprise interior socialcapital and external social capital formation. Social capital on the industrialcluster has the important influence on the position of the industrial cluster scale,the cluster speed and industry cluster of information symmetry and degree ofindustrial cluster core ability play a very significant role. The social capitalformation is divided into three stages: formation, polymerization and update,and the evolution were analyzed.
Again, this paper analyzes the social capital on the cluster of small andmedium-sized enterprises, the influence mechanism. Social capital is a kind ofrelying on in interpersonal relationship of social productivity resources, isthrough the long-term exchange cognitive and mutual trust form. Theaccumulation of social capital on credit, to the enterprise financing bringpositive role. In the process of financing, social capital and its characteristic,often of social capital from enterprise geopolitical gathered, popularity andrelationships. These social capital input make financing more convenient andquick, to the enterprise financing has a leading role. The use of constructingmodel way explain social capital within the cluster the role of the mechanism.
Then, the paper enumerated example to prove that social capital on thebehavior of the small and medium-sized enterprises cluster effect. Since thereform and opening up, the medium and small enterprises in China is developingvery rapidly, and in the national GDP occupies a ratio. Our country enterprise hasthe very strong equity financing and the tendency of the refinancing, and relative data analysis results show that the main source of funds to private companies forinternal personnel financing and lending, and through the enterprise socialnetworks of social capital it, it accounted for more than ninety percent of thescale. Debt financing allows the company governance enhanced, enterprise valueimprovement, financing effect is obvious. This paper analyzes the developmentof small and medium-sized enterprises to promote the social capital of the clusterfinancing ways and the way. Cultivate social capital needs the government topublish relevant policies and regulations, make social capital financingenvironment, dig out the potential of social capital.
Then, this paper discusses the development of small and medium-sizedenterprises to promote the social capital of the cluster financing ways and theway. Industry cluster in our country social capital of the existing in thedevelopment of such as embedded rely on, closeness limitations and internalstructure of imbalance, cultivate social capital should be separate in the businessenterprise level, cluster level and government levels. Should take measures tooptimize cluster social capital, establish a standardized cluster system, thereform of structural cluster networks, achieving clustering relationship trust andsystem the balance of the trust, to enhance the social capital for small enterprisefinancing function.Then, this paper put forward the construction under theperspective of social capital of small and medium-sized enterprises clusterfinancing support system.
Finally, this paper summarized the full text, and puts forward the problemsto be solved. Social capital for small and medium-sized enterprise clusterfinancing has a very important impact, should reform mechanism to promote thedevelopment of small and medium-sized enterprise cluster financing. But at thesame time, this paper also has the cluster of small and medium-sized enterprisesocial capital can't be accurately measuring and social capital on the financing ofsmall and medium enterprises analyzing the impact of do not have representativeand dynamic limitations.
首先，本文对我国中小型企业集群融资的现状及其影响因素进行分析。中小型企业规模小、抗风险的能力不强等问题使其经常面临融资困境，对资金的需求量不大又很频繁等特点也使得它们不容易得到金融机构的贷款。集群融资可以使得贷款的风险大大降低而收益稳定性提高，所以集群融资成为化解中小企业融资困境的重要途径。银行和企业间的信息不对称、中小企业的信用度不高以及银行放贷道德风险大促进了集群融资的发展。集群融资一般通过主办银行融资方式、中小企业集群互助担保融资方式以及中小企业发行集合债券三种方式进行；受到政府扶植政策、集群内区域性民营中小银行的发展、集群企业信用担保体系以及集群内部的合作与信用关系等社会资本因素的影响。
其次，本文分析了产业集群内的社会资本及其演进。社会资本到目前为止并没有形成统一的概念,本文主要研究企业的社会资本，指的是企业基于社会网络、互惠、信任等关系形成的能够给企业带来价值的社会资源。产业集群社会资本由集群内的社会资本和集群作为一个整体对外关系中的社会资本，即集群企业的内部社会资本和外部社会资本构成。社会资本对产业集群有着重要的影响，对产业集群的位置、规模、集群速度，以及产业集群信息的对称度和产业集群的核心能力等，都具有很大的作用。企业社会资本是不断演进的，大致可分为形成、聚合和更新三个阶段。
再次，本文分析了社会资本对集群中小型企业的影响机理。社会资本是一种依托于人际关系的社会生产力资源，是通过长期的交流认知和互信形成的。社会资本的积累依靠交往和信誉，给企业融资带来积极的作用。社会资本的聚集来源于企业的地缘、人缘和亲缘关系。这些社会资本的投入使得融资更加方便快捷，也降低了融资的成本和风险，对企业融资有着重要促进作用。本文利用构建模型的方式解释了集群内部社会资本发挥的作用机理。
接着，文章列举实例证明社会资本对集群中小企业融资行为的影响。我国企业具有很强的股权融资和再融资的倾向，对相关数据分析得知非上市公司中主要资金来源为内部人员融资和借贷，及通过企业的社会网络关系得来的社会资本，这占到了九成以上的比例。企业债务融资使得公司治理得到加强、企业价值得到提高、融资效应明显。文中分析了发展社会资本促进中小型企业集群融资的途径和方式。培育社会资本需要政府出台相关的政策法规，造就社会资本融资的环境，发掘出社会资本的潜力。
继而，文中讨论了发展社会资本促进中小企业集群融资的途径和方式。我国产业集群中的社会资本发展中存在诸如嵌入式依赖、封闭性局限和内部结构失衡的问题，培育社会资本应该分别在企业层面、集群层面和政府层面进行。应该采取措施优化集群社会资本，建立规范化集群制度，改革结构性集群网络，实现集群关系信任与制度信任的平衡，以提升社会资本对中小企业融资的积极作用。并提出了构建社会资本视角下中小企业集群融资支持体系。
最后，本文对全文进行了总结，提出有待解决的问题。社会资本对中小企业集群融资有着非常重要的影响，应该改革机制促进中小企业集群融资的发展。但同时，本文的研究也存在着集群中小企业社会资本无法准确测量和社会资本对中小企业融资影响的实证分析不具备代表性和动态性的局限。
Cluster of small and medium-sized enterprises in our country has developedto a certain scale, effectively promote the production technology innovation,speed up the regional economic transformation and industrialization, drives theregional economic ceaselessly. The development of small and medium-sizedenterprise clusters of the economic growth in China has made significantcontribution. However, the small and medium enterprise development clusterunder increasing external industry competition pressure, and by themselves thelimits of the asset scale, insufficient funds appeared the condition, how tofinancing a problem of small and medium enterprises difficult problem. In recentyears the country has issued the "small and medium enterprise promotion law"and other relevant laws and regulations, and the local government also in thisrespect to do many work, however, because of financial institutions, such asBanks for credit risk, and other aspects of the consideration, not for small andmedium enterprises to provide the scale of the funds, so this has not very goodsolution to small and medium-sized enterprises cluster financing difficultquestion. So, from different point of view to small and medium-sized enterpriseresearch how to cluster financing is increasing, it is very is of practicalsignificance. This article based on the perspective of social capital, the mainresearch social capital for small and medium-sized enterprise cluster financingeffects, and on the basis of social capital theory put forward the constructionunder the perspective of small and medium-sized enterprise cluster financingsupport system solutions.
First of all, this paper discusses the present situation of the small andmedium-sized enterprise cluster financing and its influence factors wereanalyzed. Small and medium enterprises small in scale, the small scale of thefunds, resistance to the ability of the risk is facing such as financing difficulties,the demand for capital characteristics such as so often makes them not easy to getfinancial institutions loan, cluster financing can make the loan risk greatlyreduced while the benefits stability improved, so cluster financing be dissolvethe financing of small and medium enterprises important way. Banks and theinformation asymmetry between enterprises, the small and medium-sized enterprises is not high and the creditworthiness of bank lending moral risk bigpromoted the development of the cluster financing. Cluster financing general byhosting the bank financing way, small and medium-sized enterprise clustersmutual guarantee the financing way and small and medium-sized enterprises setbonds issued three ways, by government support policies, within a clusterregional development of small and medium-sized private bank, cluster enterprisecredit guarantee system and cluster of cooperation and credit relations within theinfluence of factors.
Secondly, this paper analyzes the social capital in the industrial cluster andits evolution. Social capital has not, so far, the concept of a unified, according tovarious theory, this paper holds that social capital is to show enterprise socialnetwork based on mutual benefit, trust, etc can brings to the enterprise principleof social resources. Industry cluster of social capital in the social capital bycluster and cluster as a whole social capital, that is, the enterprise interior socialcapital and external social capital formation. Social capital on the industrialcluster has the important influence on the position of the industrial cluster scale,the cluster speed and industry cluster of information symmetry and degree ofindustrial cluster core ability play a very significant role. The social capitalformation is divided into three stages: formation, polymerization and update,and the evolution were analyzed.
Again, this paper analyzes the social capital on the cluster of small andmedium-sized enterprises, the influence mechanism. Social capital is a kind ofrelying on in interpersonal relationship of social productivity resources, isthrough the long-term exchange cognitive and mutual trust form. Theaccumulation of social capital on credit, to the enterprise financing bringpositive role. In the process of financing, social capital and its characteristic,often of social capital from enterprise geopolitical gathered, popularity andrelationships. These social capital input make financing more convenient andquick, to the enterprise financing has a leading role. The use of constructingmodel way explain social capital within the cluster the role of the mechanism.
Then, the paper enumerated example to prove that social capital on thebehavior of the small and medium-sized enterprises cluster effect. Since thereform and opening up, the medium and small enterprises in China is developingvery rapidly, and in the national GDP occupies a ratio. Our country enterprise hasthe very strong equity financing and the tendency of the refinancing, and relative data analysis results show that the main source of funds to private companies forinternal personnel financing and lending, and through the enterprise socialnetworks of social capital it, it accounted for more than ninety percent of thescale. Debt financing allows the company governance enhanced, enterprise valueimprovement, financing effect is obvious. This paper analyzes the developmentof small and medium-sized enterprises to promote the social capital of the clusterfinancing ways and the way. Cultivate social capital needs the government topublish relevant policies and regulations, make social capital financingenvironment, dig out the potential of social capital.
Then, this paper discusses the development of small and medium-sizedenterprises to promote the social capital of the cluster financing ways and theway. Industry cluster in our country social capital of the existing in thedevelopment of such as embedded rely on, closeness limitations and internalstructure of imbalance, cultivate social capital should be separate in the businessenterprise level, cluster level and government levels. Should take measures tooptimize cluster social capital, establish a standardized cluster system, thereform of structural cluster networks, achieving clustering relationship trust andsystem the balance of the trust, to enhance the social capital for small enterprisefinancing function.Then, this paper put forward the construction under theperspective of social capital of small and medium-sized enterprises clusterfinancing support system.
Finally, this paper summarized the full text, and puts forward the problemsto be solved. Social capital for small and medium-sized enterprise clusterfinancing has a very important impact, should reform mechanism to promote thedevelopment of small and medium-sized enterprise cluster financing. But at thesame time, this paper also has the cluster of small and medium-sized enterprisesocial capital can't be accurately measuring and social capital on the financing ofsmall and medium enterprises analyzing the impact of do not have representativeand dynamic limitations.
引文
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