南开管理评论
南開管理評論
남개관리평론
Nankai Business Review
2014年
4期
88~97
,共null页
社会资本 私募股权基金 政治关系
社會資本 私募股權基金 政治關繫
사회자본 사모고권기금 정치관계
Social Capital; Private Equity Fund （PE）; Political Connections
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。
本文首次同時採用各省區慈善組織指數和信任度指數作為社會資本的代理變量，創新性地從微觀視角實證研究瞭各省社會資本水平的差異對于我國私募股權基金（Private Equity，PE）融資規模、投資規模和跨區域投資行為的影響，併進而深入探討瞭社會資本與PE政治關繫在影響PE投融資行為方麵的相互替代作用。結果髮現，在社會資本水平較高的地區，噹地PE的融資規模較大，PE對噹地創業企業的投資規模也較大，在噹地募集的PE與噹地基金管理公司所管理的PE更傾嚮于跨區域投資；而PE的政治關繫對于PE投融資行為的影響與社會資本是可以相互替代的，即對于有政治關繫的PE而言，社會資本對其投融資行為的影響大大減弱。本文的研究不僅拓展瞭社會資本在經濟金融領域的研究內容，而且也是對有關PE研究領域的豐富和補充。
본문수차동시채용각성구자선조직지수화신임도지수작위사회자본적대리변량，창신성지종미관시각실증연구료각성사회자본수평적차이대우아국사모고권기금（Private Equity，PE）융자규모、투자규모화과구역투자행위적영향，병진이심입탐토료사회자본여PE정치관계재영향PE투융자행위방면적상호체대작용。결과발현，재사회자본수평교고적지구，당지PE적융자규모교대，PE대당지창업기업적투자규모야교대，재당지모집적PE여당지기금관리공사소관리적PE경경향우과구역투자；이PE적정치관계대우PE투융자행위적영향여사회자본시가이상호체대적，즉대우유정치관계적PE이언，사회자본대기투융자행위적영향대대감약。본문적연구불부탁전료사회자본재경제금융영역적연구내용，이차야시대유관PE연구영역적봉부화보충。
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 of PE studies.
