社会资本投资与中小企业融资约束--基于中国中小板上市公司的实证分析

摘要

Using the Euler investment model , this paper explores the dynamical effects of social capital investment on financial constraints of small and medium-sized enterprises .Based on the performance of small and medium-sized boardlisting companies of Shenzhen Stock Exchange between 2008 and 2012 in China, the paper tests empirically the relieving impact of social capital investment on the financing restraints of those companies .Theresult shows that the investment of SMEs in China is significantly positive to cash flow , and there exists obvious financial constraints .It is also found that entertainment expenditure and obtaining direct political connections are effective strategies to build re -lational social capital by SMEs , which can to a great extant reduce such kind of constraints .%通过将社会资本投资因素引入欧拉投资模型，探析了社会资本投资对中小企业融资约束的动态影响，并以2008—2012年深交所中小板上市公司为研究样本，实证检验社会资本投资对中小企业融资约束的缓解作用。结果发现：中国中小企业投资支出与内部经营活动现金流显著正相关，普遍面临融资约束问题；而娱乐支出和获得直接政治关联是中小企业构建关系社会资本的有效措施，能在很大程度上缓解企业的融资约束。