| 社会资本与企业债务融资 |
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| 引用本文： | 戴亦一,张俊生,曾亚敏,潘越.社会资本与企业债务融资[J].中国工业经济,2009(8). |
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| 作者姓名： | 戴亦一 张俊生 曾亚敏 潘越 |
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| 作者单位： | 厦门大学管理学院;中央财经大学会计学院;南开大学商学院;厦门大学经济学院; |
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| 基金项目： | 教育部人文社会科学研究项目“社会资本核算的理论与方法研究”(批准号 01JA910002); 中央财经大学“211工程”三期资助 |
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| 摘 要： | 本文从社会组织数量、社会参与及社会信用三个维度对中国各地区的社会资本发展状况进行度量,而后探索性地研究了社会资本对企业负债融资结构的作用。我们的研究发现:在社会资本发展较好的地区,企业更容易获得负债、长期负债,而且企业可以使用较少的抵押物获得债务融资。本文的贡献在于:一方面从微观层面验证了社会资本作为一种非正式社会制度的经济价值,另一方面也对理解企业的资本结构选择提供了一种新视角。
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| 关 键 词： | 社会资本 资本结构 债务期限结构 |
Social Capital and Firms' Debt Financing |
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| DAI Yi-yi,ZHANG Jun-sheng,ZENG Ya-min,PAN Yue.Social Capital and Firms' Debt Financing[J].China Industrial Economy,2009(8). |
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| Authors: | DAI Yi-yi ZHANG Jun-sheng ZENG Ya-min PAN Yue |
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| Institution: | DAI Yi-yi~1,ZHANG Jun-sheng~2,ZENG Ya-min~3,PAN Yue~4(1. School of Management,Xiamen University,Xiamen 361005,China,2. School of Accountancy,Central University of Finance and Economics,Beijing 100081,3. School of Business,Nankai University,Tianjin 300071,4. School of Economics,China) |
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| Abstract: | The paper studies the effect of social capital on the firms' debt capacity and structure in China.We measure the social capital of China's 31 provinces through the number of NPOs, the index of trust among peoples, and the blood donation ratio. The results show that the firms in the better social capital development areas will incline to have higher debt ratio and longer debt maturity, and the firms could get debt financing through less mortgage. The paper has two contributions to the economics literature, f... |
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| Keywords: | social capital capital structure debt maturity |
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