企业社会资本的功效结构:基于中国上市公司的实证研究

与政府的联系、组织的社会网络资本和特有的关系资本构成了企业的社会资本。通过对97家上市公司的经验研究表明,企业社会资本对销售收入的提升有着正面的促进作用,但对资产报酬率的改善却没有明确的影响。具体而言,在提升销售收入过程中,组织的社会网络资本作用最大,特有关系资本次之,企业家的政府关系资本是第三位的。我们还发现,国有企业比非国有企业在政府关系的利用和获得有利社会地位方面更有优势,但在组织的特有关系资本建设方面却呈现不足。作者建议管理者谨慎评价企业社会资本的功效,有必要考虑不同社会资本结构的交互作用,并将之与其他要素综合起来运用;企业应当用动态的眼光分辨不同层次的社会资本对绩效改善的作用。

Structure of Impacts of Corporate Social Capital: An Empirical Analysis on Listed Companies in China

Vertical connections with government,particularly relational capital and organizational network capital constitute the corporate social capital(CSC).Using empirical data of 97 listing companies in the People's Republic of China,this article examines the positive impact of CSC on sales revenue but insignificant effect on the improvement of ROA.Specifically speaking,when a firm enlarges sales revenue,the function of organizational network capital is stronger than that of particularly relational capital and then governmental connections.The writer also find that state-owned enterprises(SOEs) have more advantages in utilizing governmental connections and getting better social status than non-SOEs do,while less advantages in utilizing particularly relational capital.The author suggests that managers should appraise carefully the effectiveness of CSC,and combine it with the other resources;firms should distinguish the impact of CSC on the performance improvement in a dynamic way.