创业者社会资本与新企业融资工具选择

以社会资本理论为基础,构建模型分析在存在双重道德风险的情况下,创业者社会资本对债务融资与风险资本股权融资两种融资工具选择的影响。研究发现,当创业者有能力选择债务融资或者风险资本两种融资工具时,同时当创业者的社会资本拥有度较高或者较低时,创业者倾向于选择债务融资;而当创业者社会资本拥有度在中等水平时,倾向于选择风险资本股权融资。研究的主要贡献在于,将创业者社会资本纳入到新企业融资工具选择的研究框架之中,深化了新企业融资的研究成果。

Social Capital of Entrepreneurs and Choice of Financing Instruments by New Ventures

On the basis of the theory of social capital,this paper constructs a model to analyze the influence of the social capital of entrepreneurs on the choice of the financing instrument between debt financing and venture capital equity financing under the condition of double moral risks.The study finds that when entrepreneurs have the ability to choose from the two kinds of financing instruments while at the same time the entrepreneurs have higher or lower level of social capital,the entrepreneurs tend to choose debt financing;while the social capital of entrepreneurs is in medium level,they tend to choose venture capital equity financing.The main contribution of the study is that the social capital of entrepreneurs is brought into the research framework of the choice of financing instruments by new ventures,which has extended the research results of new venture financing.