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社会资本有助于缓解民营企业融资困难。本文以2002—2009年1961个民营上市公司为样本进行的实证分析表明,社会资本影响民营企业债务来源,社会资本丰富的地区,民营企业债务融资中银行借款的数量相对较少,而商业信用的比重相对较高,商业信用能够替代有限的银行信贷资源;法律制度影响社会资本与债务来源之间的关系,法律环境较差的地区,社会资本对于民营企业获得债务融资特别是商业信用更为重要。进一步地,本文的研究结果还表明,社会资本丰富的地区,民营企业短期债务比率相对较高。本文的研究结论不仅证实了社会资本影响企业融资来源,而且为破解民营企业融资难题提供了一种思路。
Social capital helps ease the financing difficulties of private enterprises. The empirical analysis of 1961 private listed companies in 2002-2009 shows that social capital affects the sources of debt of private enterprises and the areas rich in social capital. The number of bank loans of private enterprises in debt financing is relatively small, while that of commercial credit Commercial credit can replace limited bank credit resources; Legal system affects the relationship between social capital and debt sources; Whereas the legal environment is poor, social capital is more important for private enterprises to obtain debt financing, especially commercial credit . Further, the results of this study also show that short-term debt ratio of private-owned enterprises is relatively high in areas with rich social capital. The conclusion of this paper not only confirms that social capital affects the sources of corporate financing, but also provides a way of thinking for solving the financing problems of private enterprises.