社会资本、创业拼凑与新创企业绩效——双重关系嵌入的调节作用

社会资本作为推动新创企业成长与发展的重要动力，其资源效应是提高新创企业绩效的主要内容。而创业拼凑作为突破新创企业资源约束的关键因素，成为社会资本向绩效转化过程中的重要枢纽。基于社会资本理论，结合双重关系嵌入的差异化表现，分析社会资本对新创企业绩效发挥作用的路径机制以及外部影响。结果表明：社会资本对新创企业绩效具有显著正向影响；创业拼凑在社会资本与新创企业绩效的关系中存在部分中介效应；内外部关系嵌入正向调节创业拼凑和新创企业绩效间关系。     

区域创业比较:基于江苏样本企业的实证研究

本文基于江苏创业活动的问卷调研数据,从区域社会资本差异、区域创业能力差异、区域创业战略差异、区域创业主体差异4个方面进行定量比较。比较发现:苏南苏北地区创业者的社会资本结构存在显著差异,不同社会资本类别对创业与创业发展的重要度也不一样,而且苏南地区创业者社会资本的冗余高于苏北地区,但在社会资本的利用方式上差异不明显。苏南地区的区域创业能力稍好于苏北,但均只处于中等水平。苏南苏北地区在创业方式、创业行业、创业规模与市场定位层面均存在有明显差异,苏南地区创业者更多的选择了独立创业,在行业上更多的进入了服务性行业,新创企业的规模整体上小于苏北,而且更多的定位于国内市场。从创业主体属性差异比较看,苏南创业者中女性比例高于苏北,创业者平均年龄低于苏北,平均受教育水平明显高于苏北,异地创业者所占比例明显高于苏北。     

社会资本对创业风险影响的分类解析

创业风险是创业者不得不面对而且必须解决的一个关键问题。本文在总结当前关于创业风险分类的研究成果基础上,按照创业要素风险分类体系,分别研究了社会资本对机会风险、资源风险、主体风险、环境风险与行为风险的影响。通过对社会资本在各种创业风险中影响作用的分析,本文得到以下结论：社会资本的规范、信任与网络都能从各自角度弱化创业活动中的机会风险、环境风险与行为风险产生的不利影响;而创业活动中的资源风险与主体风险的调节,则主要通过社会资本中的网络来完成。     

Social capital, capabilities, and entrepreneurial strategies: a study of Taiwanese high-tech new ventures

This paper examines the effects of social capital, entrepreneurs' capabilities and entrepreneurial strategies on the performance of technology-based new ventures. Using concepts derived from the entrepreneurship and strategy management literatures, we identify three categories of factors and develop corresponding hypotheses. Using a sample of 125 Taiwanese high-tech new ventures to test these hypotheses, we find that entrepreneurs' management experience may not be an advantage for high-tech new ventures. The six Stevenson entrepreneurial strategies can have different effects on the performance of new ventures, whereas social capital actually moderates the effects of entrepreneurial strategies and resources on the performance. High-tech entrepreneurship is a complex phenomenon with a wide range of factors, including societal contexts, entrepreneurial strategies and entrepreneurs' capabilities; and these factors interact with each other. There is no single route to entrepreneurial success or failure: successful entrepreneurs are those who can adjust their entrepreneurial strategies according to their social capital and capabilities.     

THE POLITICAL ECONOMY OF PUBLIC‐PRIVATE PARTNERSHIPS AND ANALYSIS OF THEIR SOCIAL VALUE*

ABSTRACT: This article applies political economy theory to public‐private partnerships (PPPs). First, we propose that social welfare is the appropriate normative evaluation criterion to evaluate the social value of PPPs. Second, we specify the goals of PPP participants, including private‐sector partners and governments. Third, we review the observed outcomes of PPPs and analyze them from both a political economy perspective and a social welfare perspective. Fourth, based on a comparison of the actual outcomes of PPPs to normatively desirable social welfare outcomes, we propose some ‘rules for governments’ concerning the design of government PPP institutions and the management of PPPs. We argue that if governments were to adopt these rules there would be fewer PPPs in total, they would be more like traditional government contracts and there would be a greater likelihood of improved social welfare. However, political economy theory also explains why implementation of any reform will be difficult.     

Social network and private provision of public goods

Using a simple model with interdependent utilities, we study how social networks influence individual voluntary contributions to the provision of a public good. Departing from the standard model of public good provision, we assume that an agent’s utility has two terms: (a) ‘ego’-utility derived from the agent’s consumption of public and private goods, and (b) a social utility which is the sum of utility spillovers from other agents with whom the agent has social relationships. We establish conditions for the existence of a unique interior Nash equilibrium and describe the equilibrium in terms of network characteristics. We show that social network always has a positive effect on the provision of the public good. We also find that, in networks with “small world”-like modular structures, ‘bridging’ ties connecting distant parts of social network play an important role inducing an agent’s contribution to public good. Assumptions and results of the model are discussed in relation to the role of social capital in community-level development projects and to the effect of innovation networks on firms’ R&D investments.     

PRIVATE AND PUBLIC EDUCATION: HUMAN CAPITAL ACCUMULATION UNDER PARENTAL TEACHING*

This paper examines a simple overlapping generations model of human capital accumulation under both the public and private education regimes. Both young individuals and their parents allocate time to human capital accumulation. Under the public education regime, the government collects tax to finance expenditure for education resources. We show that there exists a level of tax which maximizes the speed of human capital accumulation because of parental teaching; and, if the government chooses tax rates adequately, human capital grows faster and welfare levels become higher under the public education regime than under the private.     

Bonding and bridging: Social capital and the communitarian critique of liberal markets

Contemporary communitarian critiques of classical liberalism argue that open markets do not produce the social capital necessary for their own functioning and that the excessive penetration of commercial values into public life may undermine the norms necessary to sustain a functioning market order. This article responds to these charges by setting out the role of the market in the spontaneous generation of the ‘bonding and bridging social capital’ that help to sustain a complex, advanced society.     

Labour market effects of public capital stock: evidence for the Spanish private sector

This paper provides a new rationale for the positive effect of public capital stock on employment and wages. We show that higher levels of public capital reduce wages along the wage equation and enhance employment due to the resulting larger elasticity of labour demand with respect to wages. The estimation of a structural model for the Spanish private sector reveals that this wage channel is empirically relevant. We use the estimated parameters to simulate the recent incidence of the ratio of public to private capital stock on the private sector economic performance. We find (i) sizeable effects on employment, capital stock and gross domestic product, and (ii) that the wage channel is particularly important for employment.     

基于社会资本视角的民营上市公司非公开发行动因研究——相关证据及理论框架

本文从社会资本的视角,研究了民营上市公司非公开发行的动因。通过案例研究,笔者提供的证据表明,非公开发行不仅是民营上市公司的一种融资手段,而且是获得社会资本的重要途径。以相关证据为基础,笔者从社会资本视角构建了民营上市公司非公开发行动因的理论框架。本文的研究结论不仅对理论界从新的角度理解民营上市公司非公开发行的动因有重要启示,而且对民营上市公司采用非公开发行筹资实践有一定的借鉴作用。     

ALTRUISM,EGOISM, AND THE ROLE OF SOCIAL CAPITAL IN THE PRIVATE PROVISION OF PUBLIC GOODS*

The economic approach to understanding human behavior has encountered serious difficulties when attempting to explain the private provision of public goods, such as voting and charitable contributions to large organizations. To gain insights into these important issues, this study takes an interdisciplinary approach. The individual is modeled formally in terms of dual egoistic/altruistic utilities, and the recursive relation between altruism and the existence and production of social capital is developed. The model is analyzed as a non-cooperative game between the egoistic and altruistic selves. The socialized rational actor that results from the combination of social capital, dual utilities, and non-cooperative behavior resolves a number of public goods paradoxes. Comparative statics and the dynamics of social capital formation are explored.     

PUBLIC SERVICES IN THE AREA OF THE SOCIAL ECONOMY IN ARGENTINA

ABSTRACT*: The author describes the development of the public sector of the social economy in the last few years. The state-owned companies with significant participation in the economic activity of the country were privatized within the so-called State Reform Scheme (Law 23696), beginning in 1990. Privatizations are still being carried out, but the main activities that were formerly in the hands of the state (electricity, transport, public service) are now in the hands of the lucrative private sector (corporations, mainly of foreign origin). The policy regarding the transfer of these companies has not favoured the social economy sector.     

Influence and inefficiency in the internal capital market

I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be distorted by managers, and public signals that are undistorted but noisy. Headquarters faces a tradeoff between the cost of attaining an accurate private signal and the value of the information the signal provides. In contrast to existing models of “socialism” in internal capital markets, I show that investment sensitivity to Tobin's Q is higher than first-best in firms where division managers hold equity (a result consistent with evidence presented in Scharfstein, 1998). When managers face high private costs from distorting information (equity holdings), headquarters may commit to investment contracts that place “too little” weight on private signals and “too much” weight on public signals (i.e. Q). This result has implications for managers in the design of capital budgeting processes and incentive compensation systems.     

DETERMINANTS OF PRIVATE INVESTMENT IN MALAYSIA: WHAT CAUSES THE POSTCRISIS SLUMPS?

This paper examines the determinants of private investment in Malaysia, with an emphasis on the postcrisis investment slumps. A static private investment function is derived from the neoclassical framework, with appropriate modifications to account for the structural features observed in the country. To introduce dynamics into the model, we adopt a cost minimization problem, which assumes firms optimize investment levels with respect to a quadratic loss function. The results suggest that the availability of financial resources in the economy has a significant positive impact on private investment. Macroeconomic uncertainty exerts a negative influence on the investment climate in the private sector. Both foreign direct investment and public investment are found to have a complementary effect on private investment. Consistent with the prediction of the neoclassical model, a higher level of aggregate output raises private investment, whereas the user cost of capital has the opposite impact. (JEL O16, O53)     

Public Investment Rules and Endogenous Growth with Empirical Evidence From Canada

This paper examines theoretically and empirically the effects of public investmentrules on output growth in an economy with private and public capital. It is shownthat the decisions on public capital formation are closely associated with the growthrate of output and generate endogenous growth. A permanent change in the policyrule implies a new long-run growth rate of output, but the economy will onlygradually approach the new steady-state due to adjustment costs in private capitalaccumulation. The model predictions are tested using data from Canada for theperiod 1955-1999. The data support the endogenous growth hypothesis and thetwo central assumptions of the model: (i) the growth rate of output follows closelythe rate of infrastructure formation and (ii) private capital formation also followsthe rate of infrastructure formation but adjusts with a delay.     

企业家社会资本及其与企业绩效的关系--研究综述与理论分析框架

本文从分析企业家社会资本入手,对社会资本的概念界定做了综述,进一步探讨了企业家社会资本的内涵,提出了企业家社会资本影响企业绩效的机理以及理论分析框架--企业家社会资本是通过获取企业所需的关键资源,再将资源通过内部学习和整合机制转化为动态能力,进而保持企业竞争优势、提升企业绩效.     

Woodsy the optimal owl: Environmental campaigns, norms, and implications for public goods policy

Norms regarding private provision of a public good (e.g. cutting down on energy use, not littering) can affect the marginal gains from contributing to a public good and therefore people's decisions about contributing to the public good. A model is proposed in which norms of private contributions to a public good can be influenced by public policy, and these norms affect people's self-image, which derives from a comparison of one's own contribution with the norm contribution. In this context, we examine the conditions under which private contributions to a public good are efficient, and the conditions under which policy affecting these norms improves social welfare. We find that (1) a benevolent social planner who fails to account for private provision norms will underprovide the public good, and (2) public policy that attempts to raise the norm contribution of private provision can increase social welfare if the effect of raising the norm does not have an extreme negative effect - either extremely small or extremely large - on peoples' self-image.     

美国硅谷创业生态系统环境研究

互联网时代的环链模式彻底改变了全球产业结构,创业者如何系统化地思考创业活动成为创业企业可持续成长的关键。在梳理和总结国内外现有创业生态学研究相关文献的基础上,以美国硅谷创业生态系统为例,从政府政策、创业融资、创业教育、研发转化、文化和社会规范5个方面系统分析了美国硅谷的创业生态系统环境,可为中国创业生态系统的持续发展提供有益的启示。     

“创而不业”为哪般？象征性创业形成机理研究——基于扎根理论的分析

创业活动日益活跃的同时，“创而不业”现象也随之增多，此类创业与传统意义上的创业在行为表现、创业动机等方面有本质的区别，但未引起学术界足够重视。基于此，运用扎根理论选取13个案例，探讨象征性创业类型、形成路径与机理。研究发现：①象征性创业与实质性创业行为表现差异源于创业动机不同，后者追求创业的实质意义，即通过机会识别与开发实现价值创造，而前者则是在象征意义驱动下的行为选择；②根据外部诱因与动机不同，象征性创业具体细分为传染型、策略型和表演型3类，可分别采用社会比较理论、信息不对称理论和印象管理理论加以解释；③3类象征性创业形成机理存在显著差异。其中，传染型创业是由同群创业唤醒负面情绪而引发的模仿行为，其主要目的是修复心理落差，策略型创业是利用信息优势进行政策“套利”的一种手段，表演型创业则是为缓解社会规范压力而开展的印象管理行为。研究结论为深化创业动机研究和理解创业行为差异提供了参考依据。     

INTERSECTORAL ALLIANCE AND SOCIAL INNOVATION: WHEN CORPORATIONS MEET CIVIL SOCIETY

ABSTRACT: This article analyses an alliance between a public utility company and a consortium of Associations upholding consumer rights. The project consists of developing means in order to help customers with very low income in a collection situation by suggesting payment arrangements that would take account of their financial situation. Inter‐organizational collaboration is a way to increase the capacities of organizations and to apply leverage to existing resources so as to solve social problems more effectively by pooling together resources, skills and knowledge. We examine the making of this social innovation through the arrangements taking in three institutional dimensions: cognitive, normative and regulative. The case study shows that the legitimacy of the agreement was based on recombining the values of fairness and solidarity. The innovation process was rooted in the exchange of knowledge and access to resources based on the expertise of actors. The agreement moved beyond the experimental framework when it was diffused as a newly learned procedure which became an organizational routine.