摘要
中小企业融资难是制约其生存和发展的主要问题。以两家科技型中小企业作为研究目标,从信用场域的视角探索了制度创业行为对企业股权融资的作用机制。通过对两家已获得两到三轮股权融资的科技型中小企业的调研,发现制度创业行为对企业建立和扩展信用场域有推动作用;而企业信用场域的建立对于获得资本信赖并成功进行股权融资起到中介作用。研究构建了"制度创业-信用场域一股权融资结果"关系模型,以信用场域为中介变量,解释了企业制度创业与股权融资的连接过程,给同类企业如何更有效地与资本对接带来一定的启示。
Financing difficulty of SMEs is the main problem for them, which restricts their survival anddevelopment. We take two technological SMEs as research objects, from the perspective of credit field, themechanism of institutional entrepreneurship behavior on firms’ equity financing is explored. Based on the fieldresearch of two technological SMEs which have already accomplished two to three rounds of equity financingsuccessfully, we find that the institutional entrepreneurship has positive effect on the establishment and expansionof credit field; moreover, the credit field acts as intermedium between investors and enterprises. A model of“institutional entrepreneurship - credit field - equity financing” is established in this paper, which takes credit fieldas a mediator variable, and explains the working process to connect institutional entrepreneurship and equityfinancing, which may inspire the similar enterprises to connect with capital more efficiently.
作者
陈德富
张艳
CHEN De-fu;ZHANG Yan(University of Electronic Science and Technology of China Chengdu 610054 China)
出处
《电子科技大学学报（社科版）》
2018年第6期76-82,共7页
Journal of University of Electronic Science and Technology of China(Social Sciences Edition)
基金
四川省科学技术厅项目"四川省科技型中小企业制度创业与绩效研究及政策建议"(2016ZR0014)
国家自然科学基金项目"‘双向依赖’下后发企业创新行为倾向
困境与吸收能力研究"(71272131)
国家自然科学基金项目"‘后跳板’情境下后发企业跨国扩张的行为与路径研究:双元视角与嵌入逻辑"(71672021)
关键词
制度创业
信用场域
股权融资
科技型中小企业
institutional entrepreneurship
credit field
equity financing
technological SMEs
