摘要
本文首次同时采用各省区慈善组织指数和信任度指数作为社会资本的代理变量,创新性地从微观视角实证研究了各省社会资本水平的差异对于我国私募股权基金(Private Equity,PE)融资规模、投资规模和跨区域投资行为的影响,并进而深入探讨了社会资本与PE政治关系在影响PE投融资行为方面的相互替代作用。结果发现,在社会资本水平较高的地区,当地PE的融资规模较大,PE对当地创业企业的投资规模也较大,在当地募集的PE与当地基金管理公司所管理的PE更倾向于跨区域投资;而PE的政治关系对于PE投融资行为的影响与社会资本是可以相互替代的,即对于有政治关系的PE而言,社会资本对其投融资行为的影响大大减弱。本文的研究不仅拓展了社会资本在经济金融领域的研究内容,而且也是对有关PE研究领域的丰富和补充。
This article uses the provincial philanthropy index and trust index simultaneously as a proxy of social capital for the first time ever and empirically studies the influence of different levels of social capital of Chinese province on the private equity fund＇s （PE） financing scale, investment scale and cross-regional investment from a micro perspective. Furthermore, we conduct an in-depth analysis of the substitute role of social capital and PE＇s political connections in PE financing and investment behaviors. We find that： PEs raised in provinces with higher levels of social capital usually have larger financing scale. PEs are inclined to enlarge their invest- ment scale in provinces with higher level of social capital. What＇s more, when PEs are raised or PEs＇ management companies are in these provinces, they are more inclined to invest cross-regionally, which may result from the situation that PEs raised in the region with higher social capital tend to trust the non-local entrepreneurs and meanwhile these entrepreneurs also have more confidence in the PEs. We also find that the roles of social capital and political connections are substitute in PE＇s financing and investment behav- iors; in other words, when no political connections are available, social capital tends to have a stronger influence on PE＇s financing and investment behaviors, and vice versa. This can be explained by the fact that political connections not only make PE investors and managers less dependent on social capital during their decision, but also motivate entrepreneurs to build stronger belief in the credibility level of PEs＇ managers and restrain the entrepreneurs＇ opportunistic behaviors with administrative or legal sanctions from political power, which is more efficient than the moral constrain and public condemn from social capital. Our study has not only opened up a new field of the research of social capital in the context of economic and financial science, but also been an enrichment and supplement the contents o
出处
《南开管理评论》
CSSCI
北大核心
2014年第4期88-97,共10页
Nankai Business Review
基金
国家自然科学基金面上项目(71372071、71172051)资助
关键词
社会资本
私募股权基金
政治关系
Social Capital
Private Equity Fund （PE）
Political Connections
