Generalized trust,personalized trust,and dynamics of capital structure: Evidence from China

This paper investigates the impact of social trust on a firm's adjustment speed toward an optimal capital structure. Leveraging the availability of generalized trust and personalized trust metrics in China, we find that, as expected, when a firm is located in a high social trust region (with either generalized or personalized trust), it adjusts more quickly toward its target capital structure. Moreover, we document that the impact of generalized trust (personalized trust) on the adjustment speed is magnified if the firm already had stringent financial constraints (less-severe agency problems) but it is not related to the severity of a firm's agency problems (financial constraints). Additional analysis suggests that the impact of social trust on capital structure dynamics is primarily through debt rather than equity. Furthermore, we find that when a firm is located in a weak formal institutional environment, the impact of generalized trust on the adjustment speed strengthens, suggesting that formal institutions and generalized trust are partial substitutes. Interestingly, the substitution effect of formal institutions and personalized trust is weak. Hence, the impact of generalized trust and personalized trust on capital structure adjustment share some similarities but differ in other respects.     

On corporate philanthropy of private firms and trade credit financing in China

This paper examines the impact of corporate philanthropy on trade credit financing for listed private firms in China viewed from the heterogeneous perceptions of credit suppliers. A positive relationship is found between corporate philanthropy and trade credit financing, suggesting that in general firms donating more can obtain more trade credits. However, this relationship is significant only for those firms with positive free cash flows and no political connections. It is striking to find that such a relationship does not exist when firms have negative free cash flows or political connections. Moreover, the relationship between corporate philanthropy and trade credits is affected by the local social trust environment. A good social trust environment is amicable for firms to use corporate philanthropy in obtaining trade credits. The research findings have important policy implications. This paper makes valuable contributions to the current literature through highlighting the importance of supplier heterogeneous perceptions towards corporate philanthropy as well as the effect of the local trust environment on the effectiveness of philanthropy in trade credit financing of the Chinese listed private firms.     

公共服务、政府透明度与公众对政府的信任：影响机理与经验证据

公众对政府的信任关系到政府合法性、社会稳定性和法制有效性。近年来,很多国家面临公众信任政府程度日益下降的窘境。为了改变这种局面,一些国家意图通过建设电子政务来改善公共服务、提高政府透明度,进而增强公众对政府的信任。然而,这种举措可以提高公众对政府的信任吗?本文首先剖析公共服务、政府透明度影响公众信任政府程度的机理,然后根据中国2010年300个地级市电子政务评估数据,采取结构方程模型进行检验。结果发现,公众对政府的信任与公共服务正相关,公共服务越好,公众越信任政府;公众对政府的信任与政府透明度正相关,政府透明度越高,公众越信任政府。研究还发现,公共服务还通过影响政府透明度而间接影响公众对政府的信任。本研究对公共管理改革具有一定的应用参考价值。     

基于信任的社会资本与民营企业可持续发展

20世纪90年代以来,社会资本成为企业发展的重要话题。它不但成为解释企业持续发展的理论,也被奉为探求组织发展的有效方法。信任是社会资本的重要内容。信任资源不足是我国民营企业成长的瓶颈。本文通过对我国民营企业中信任型社会资本的现状分析,提出民营企业应加强信任型社会资本的挖掘和建设,以促进我国民营企业可持续成长。     

推崇还是诋毁:财富认同的城乡差异

缩小城乡物质财富差距是实现共同富裕的中心议题。理解城乡居民对财富的认同差异及其根源，对于促进共同富裕并改善宏观政策的包容性与精准性具有重要意义。利用中国社会状况综合调查（CSS）2017年问卷数据进行实证分析，结果表明：相对于城市居民，农村居民对于财富获得更多地表现为"推崇"，认为已有财富获取主要来自于个人的努力；城市居民则更倾向于"诋毁"，认为财富主要来源于社会不公平或个人行为的不道德。究其原因，在于城市的社会复杂性及其社会信任体系的瓦解，使得城市居民更加怀疑其他人财富获得的正当性和合法性。进一步研究表明，公平感知的增强能够有效提高人们对财富获得表现为"推崇"的概率。文章认为，在城乡融合发展进程中，应保持财富分配的合法性和公平性，警惕信任危机以及由此引发的社会经济问题，从而促进共同富裕的新发展进程。     

Exploring social capital of emerging farmers from Eksteenskuil,South Africa

The objective of this paper was to quantify the levels of social capital of emerging raisin producers from Eksteenskuil, and to explore the relationship between the socio-economic characteristics of the farmers and their social capital levels. The respondents prove to have high levels of social capital. Interestingly, they tend to trust and get along with each other more than they actively participate in organised group activities in the community. Their social capital thus can be said to be more cognitive than structural. Higher levels of social capital were also found to be associated with higher age, experience and education levels of the respondents. Ultimately it was concluded that the complexity of social capital makes it difficult to implement initiatives that will contribute to developing the social capital levels of these farmers. Efforts to stimulate collective action and farmer-to-farmer skills transfer should take cognisance of the role of social dynamics in the behaviour of emerging farmers.     

社会资本的社会学理论渊源

社会资本是以信任、互惠和规范为基础的网络和人际关系。社会资本的理论渊源可以追朔到社会学的道德、互惠、团结和信任等概念。亚当·斯密对美德和信任的研究、马克思对有限团结的研究、迪尔凯姆对道德和经济交易的阐述、齐美尔对互惠交换的阐述和马克斯·韦伯对价值观的研究等都构成了社会资本的理论来源。     

Impact of nontraditional activities on scale and scope economies: A case study of Japanese regional banks

The recent financial deregulation in Japanese banking has enabled regional banks to engage in trust businesses. This paper examines the impact of such nontraditional banking activities on cost structure by measuring economies of scale and scope. A generalized translog cost function, which can take zero outputs into consideration, is employed to simultaneously investigate entrants and non-entrants. While ray scale economies are observed for trust businesses, product-specific scale economies are not. Further, cost complementarities are not observed in almost all the pairwise combinations of the products. Thus, entering into the trust business yields no cost reduction for Japanese regional banks.     

Is social capital eroded by the state-led urbanization in China? A case study on indigenous villagers in the urban fringe of Beijing

In the rapid urbanization process, indigenous villagers' social capital might be affected by the flooding-in of rural migrants and more importantly by the government's urbanization policies. Based on survey data collected from fifteen Beijing villages in 2011 and 2012, we study the relationship between social capital and urbanization for indigenous villagers in the urban fringe of Beijing. We find that the bottom-up urbanization measured by migrant-local ratio weakened social networks and social trust. However, the top-down urbanization measured by designating policy zone promoted social networks and social trust.     

文化差异视角下社交媒体对知识分享的影响作用研究——以中泰跨国企业为例

以社会资本理论为桥梁,引入Hofstede文化维度中的权力距离作为调节变量,探讨了中泰文化差异背景下社交媒体对知识分享的作用机理。采用PLS-SEM结构方程分析方法及WarpPLS5.0分析工具,对中泰跨国公司的203份有效数据进行了分析检验。研究结果表明：社交媒体不仅直接正向影响知识分享,还通过社会资本的中介作用对知识分享产生正向影响,作为文化维度的权力距离则负向调节了社交媒体与知识分享的关系。     

我国收入分配差距扩大的成因、后果与对策

本文在概括已有关于收入分配差距的成因、后果与解决措施的同时,提出了一些新观点:根据模糊理论提出超广义资源概念,以超广义资源的观点提出了税收的理论和依据以及社会保障的理论依据分析了贫富差距加大带来的许多后果和社会保障对缩小收入分配差距的许多方面的好处,并且提出以社会保障来调节人力资源的工资待遇和住房价格。此外提出开辟中国第四产业—创新产业来缩小收入分配差距、解决就业,特别是大学生就业,发展我国科技。文中分析了市场经济中一些导致贫富差距加大的局限,认为政府和公众要对市场进行更多干预,并且提出职位资源的概念,限制工作的压力和发展富人消费来增加就业机会。     

东道国社会信任能降低企业跨国经营的不确定性吗?——以海外子公司所有权结构设计为例

理解东道国制度环境并选择与之相适应的管理方式对企业跨国经营获得成功具有重要影响。现有文献侧重于分析东道国规制制度和认知制度对企业跨国经营的影响,对规范制度研究较少。基于来自世界价值观调查的东道国社会信任数据以及中国上市公司2009—2018年在海外设立的6 921个子公司的数据,本文探讨规范制度的核心维度——东道国社会信任如何影响中国企业对海外子公司的管控。本文提出东道国外群体社会信任和内群体社会信任影响企业跨国经营所面临的交易成本和不确定性,进而影响母公司对海外子公司的持股水平。此外,文化距离和母公司跨国经验是东道国社会信任效应的重要边界条件。本文通过揭示东道国社会信任影响海外子公司管控的理论机理,不仅增进了人们对于规范制度及其对企业跨国经营战略的影响的认识,还对企业评估东道国规范制度环境、科学地设计海外子公司的所有权结构具有启示意义。     

我国社会转型期农村家庭结构变化状况及对策分析

家庭是社会的细胞。家庭无论对个人还是对社会发展都起着重要的作用,是任何社会组织都无法代替的。目前我国是社会转型期,农村大量劳动力已经转移出去,对农村家庭结构造成了很大冲击,大量的农村家庭结构出现了解体,随之而来的是两个特殊的人群日益凸显出来。家庭是社会存在的基础,如果农村家庭结构解体问题解决不好,影响的不仅仅是家庭成员的生存和发展,而且还会影响到我国经济和社会发展。     

CSR战略和传播渠道对品牌信任的影响研究

随着企业社会责任内涵的持续变化,企业在承担社会责任的方式上有了新的发展思路,同时,企业也认识到了社会责任信息传播的重要性。基于文献回顾,文章研究企业承担企业社会责任不同方式及企业社会责任传播方式对品牌信任的影响机制,根据企业承担企业社会责任是否与自身的核心业务结合起来分为战略型企业社会责任和反应型企业社会责任,根据传播方式是否是公司可控的将企业社会责任信息传播方式分为内在传播方式和外在传播方式。并引入社会驱动归因和自利驱动归因作为中介变量,探讨企业社会责任战略、企业社会责任传播方式对归因及品牌信任的影响。     

领导授权赋能行为对员工建言的影响——组织信任、一般自我效能感的作用

作为近年来组织行为学领域关注的热点问题之一,建言行为对员工个人和组织的发展具有重要作用。基于领导行为理论、社会交换理论及计划行为理论,以北京、天津、山东、及江苏省的241名员工为被试进行实证研究,探究领导授权赋能行为、组织信任、一般自我效能感及员工建言行为之间的关系。研究结果表明:领导授权赋能行为对员工建言行为具有显著地正向影响;领导授权赋能行为显著地正向影响组织信任,组织信任在领导授权赋能行为与员工建言行为的关系中起部分中介作用;领导授权赋能行为显著地正向影响一般自我效能感,一般自我效能感在领导授权赋能行为与员工建言行为的关系中起部分中介作用。     

Social trust and food scandal exposure: Evidence from China

Food safety problems are drawing increasing attention after the occurrence of repeated food scandals in China. The literature has found that social trust, a non-institutional factor, is an important factor in disciplining dishonest behaviour and improves the media's incentives to report. In this paper, we develop a model to investigate the dual effects of social trust—behaviour discipline effect and media enhancing effect—and analyse its interplay with institutional factors on food scandal exposure. The theory is then tested using 2004–2011 food event data. The results show that trust has a significant positive impact on food scandal exposure, which implies that the media enhancing effect plays a dominant role in China. However, this effect is weakened in provinces with a higher level of law enforcement and market development, which suggests that institutional factors are a substitute for social trust in affecting food scandal exposure in China.     

The social scar of the pandemic: Impacts of COVID-19 exposure on interpersonal trust

This paper employs a difference-in-differences strategy to examine the causal effect of exposure to the COVID-19 pandemic on interpersonal trust amidst zero-COVID policies in China. Using a nationally representative panel survey, we find that COVID-19 exposure leads to a decrease in the levels of generalized trust. We also show that the change in interpersonal trust varies across domains. Specifically, COVID-19 exposure significantly decreases trust in parents, neighbors, and local government officials, but has small and insignificant effects on trust in doctors, strangers, and Americans. Empirical tests suggest that changes in income and physical health status are not likely to be potential channels. We provide some evidence for the mechanism of deteriorated mental health status and pessimistic expectations.     

Entrepreneurs,formalization of social ties,and trustbuilding in Europe (fourteenth to twentieth centuries)1

The establishment of trust is a key component of economic activity and social ties can make business dealings work better. However, we do not know much about how economic actors created new social ties deliberately in order to pursue their objectives. This article analyses the way in which merchants and entrepreneurs used specific rituals to establish formal social ties, with the intent of protecting their business relationships. It focuses on relational instruments that until now had been neglected, particularly godparenthood and marriage witnessing. It shows that formalization, ritualization, and publicity of ties were used by entrepreneurs to establish trust with their business associates, for example when information was asymmetric or when institutions were perceived as inefficient in guaranteeing mutual good behaviour. The analysis covers a long period, from the late middle ages to today. It pays particular attention to the consequences of the Reformation in the sixteenth and seventeenth centuries and of the industrial revolution in the nineteenth. Contrary to the received wisdom, it suggests that formal social ties such as godparenthood continued to play an important role in economic activity during and after the industrial revolution. New databases on early modern Italy and nineteenth‐century France are used.     

信任的测度

信任在人类社会关系中扮演着重要的角色,被认为是合作秩序的基石、社会维系正常运行的润滑剂。本文讨论了两种信任测度方法的区别及其一致性问题,讨论了信任行为背后的个体偏好——主要包括涉他偏好和背叛规避偏好的分解与测度问题,最后介绍了浙江大学跨学科社会科学研究中心（ICSS）针对中国被试所做的信任测度实验及结论。     

品牌感知、消费忠诚度与企业社会责任预判:由牛乳制品行业生发

基于江苏部分地区牛乳制品消费者的问卷调查,对调查量表各维度进行因子分析、信度与效度检验以及回归分析,实证结果表明:企业社会责任与顾客忠诚度呈显著正相关关系,企业社会责任与品牌信任呈显著正相关关系,而品牌信任对企业社会责任与顾客忠诚度之间的关系起到了中介作用。因此,企业在积极承担社会责任的同时应多关注消费者的品牌感知和评判,着力构建起品牌的信任和忠诚。