中小企业债务融资与企业社会资源和地区信任水平关系研究

Over the past three decades the Chinese financial sector experienced substantial institutional reform. When the coexistence of formal and informal financial sectors has catered to the heterogeneous needs of firms, the large differences in service scope and lending requirements have made it a challenge to choose the best financial source because such choices not only determine the possibility of acquiring loans but can also affect the prices and terms that one receives. In light of these issues, this proposed research explores how firms' choices of financial sources are shaped by social factors such as social resources, social trust, and how these choices affect firms' performance. Specifically, in this proposal we hypothesize that such choices are conditioned by structural, relational, and resource embeddedness of firms' social networks, and the effects of the social resources may be conditioned by the level of generlaized social trust in a given community. The proposed research will employ both quantitative and qualitative data to: (1) utilize new measures to investigate the impact of structural, relational, and resource embeddedness on firms' choice of different types of financial sources; (2) investigate the factors that condition the effectiveness of different types of social resources on firms' choice of financial sources; (3) understand how a business's stage of development, local reciprocal norms condition their financial strategies; and (4) explore the ways that firms' choice of debt financing sources affects their performance. This study will enrich the literature on how social networks affect firms' financial behavior by borrowing insights from social capital theories and introducing new measurements of borrowers' social resources. It will also join social resource and social trust theory by exploring how community-level social trust affect the usefulness of embedded resources, especially business ties and bureaucratic ties. Practically, this study will contribute new insights into evaluating the effects of various network-based intervention strategies for improving economic opportunities for disadvantaged small and medium sized firms.

在过去的三十年中，正规金融体系的发展和非正规金融市场的成长为国家经济增长提供了有力的支持。然而对于数量众多的中小企业而言，正规金融渠道的资源远不能满足其资金需求，于是非正规金融渠道便成为支持中小企业发展的一个重要的资金来源。本研究在讨论我国中小企业所处的社会和制度环境的基础上，结合既有的社会资本理论，社会信任理论，深入研究企业的社会网络的结构特征和资源禀赋对企业债务融资渠道选择的影响，以及地区社会信任程度对企业社会资源有效性的调节作用。本研究将结合定性和定量两种研究方法，在大规模问卷调查和统计分析的基础上，利用新的抽样方法得到有代表性的定性样本，进行深入的案例研究。本研究不仅会丰富组织理论中组织网络特征与组织资源动员行为关系的研究，也将在微观社会资源与宏观社会信任理论间架起新的纽带。同时本研究还将讨论基于社会网络的金融干预政策的有效性，为中小企业促进政策提供建议。

本项目从经济社会学的嵌入性视角出发，试图厘清社会资源对中小企业债务融资渠道偏好的形成机制的影响，提高中小企业与正式和非正式金融市场中资源提供者的链接水平。本研究在理论上区分了关系嵌入、位置嵌入、结构嵌入三种不同的网络嵌入类型，同时创造性的将社会网络研究中的位置生成器和资源生成器结合在一起，提高了社会网络测量的精度以及效度。在此基础上，本文还充分考虑了网络资源发生效果的社会、文化、政治环境，讨论了这些外部因素对社会资源效果的影响。本项目的核心研究问题是讨论中国西部中小企业主社会资源和其融资渠道选择的关系。在此基础上，本项目进一步拓展了研究视野，讨论了中小企业的社会资源如何影响企业获得的银行内部评级的高低。最后，本研究还将所发展的理论视角和测量工具放到经济发展和减贫的情境下，讨论了社会资源对经济发展和减贫工作的影响。课题组共发表英文论文2篇，在审1篇，中文论文1篇，教学案例1篇。