Do Social Capital Building Strategies Influence the Financing Behavior of Chinese Private Small and Medium-Sized Enterprises?
Do Social Capital Building Strategies Influence the Financing Behavior of Chinese Private Small and Medium-Sized Enterprises?
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DOI：
10.1111/etap.12051
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发表时间：
2015-05-01
影响因子：
10.5
通讯作者：
Newman, Alexander
中科院分区：
文献类型：
--
作者：
Du, Jun;Guariglia, Alessandra;Newman, Alexander
本文以2000-2006年65,485家中国民营中小企业为研究对象，考察了企业通过社交网络中的社交活动、送礼、政治关系等社会资本构建策略，提高企业负债率的可能性。我们发现，虽然娱乐和送礼支出导致更高水平的总债务和短期债务，它并不能使企业获得更大的长期债务。相比之下，我们证明，获得政治联系，使企业更容易获得长期债务。
Using data from 65,485 Chinese private small and medium-sized enterprises over the period 2000-2006, we examine the extent to which firms can improve access to debt by adopting strategies aimed at building social capital, namely entertaining and gift giving to others in their social network, and obtaining political affiliation. We find that although entertainment and gift-giving expenditure leads to higher levels of total and short-term debt, it does not enable firms to obtain greater long-term debt. In contrast, we demonstrate that obtaining political affiliation allows firms greater access to long-term debt.