社会资本与企业债务融资

Abstract

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。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 maturity,and the firms could get debt financing through less mortgage. The paper has two contributions to economic literture, firstly,it confirms the economic value of social capital form micto-perspective;second,it provides a new perspective to understand the the firm's capital structure choice.