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	社会资本、政治关系与公司投资决策; Social Capital,Political Connections and Corporate Investment Decision
	潘越 ; 戴亦一 ; 吴超鹏 ; 刘建亮
	2009-11
关键词	社会资本 政治关系 投资决策 Social Capital Political Connections Investment Decision
英文摘要	本文引入"社会资本"这一社会学概念,首次从微观视角实证研究了我国各省社会资本水平差异对上市公司的对外投资决策、股权投资类型选择以及多元化投资决策的影响,并进而深入探讨了社会资本与公司政治关系在影响公司投资决策方面的相互替代作用。结果发现:在社会资本水平较高的省份,上市公司更倾向于对外投资,也更愿意与其他企业组成共同控制的合营企业,并且其多元化投资的意愿更强。而且社会资本与政治关系在公司投资决策中所起的作用是可相互替代的,即当公司没有政治关系可资利用时,社会资本对公司投资决策的影响程度更强,反之反是。本文的研究不仅丰富了社会资本在财务学领域的研究内容,而且开拓了社会资本与政治关系交叉研究的新领域。 This paper introduces the sociological concept of / social capital0 , and for the first time ever, empirically studies the influence of the different levels of social capital of Chinese provinces on outward investment decisions, selection of the desired type of equity investment, and investment diversification decisions, from a micro perspective. Furthermore, we conduct an in- depth analysis of the interchangeability of the roles of social capital and corporate political connections in corporate investment decisions. We find that in provinces with higher levels of social capital, public- listed companies are more inclined towards outward investment and more willing to form joint ventures with other enterprises and show a stronger desire to diversify their investments. We also find that the roles of social capital and political connections are interchangeable in corporate investment decisions; in other words, when no political connections are available, social capital tends to have a stronger influence on the company. s investment decision, and vice versa. Our study has not only enriched the research of social capital in the context of financial science, but also opened up a new field in the interdisciplinary research of social capital and political connections; 国家自然科学基金项目(70902039);教育部人文社会科学研究项目(01JA910002);福建省社科基金项目(2009C009)的资助
语种	中文
出版者	经济研究编辑部
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/14435]
专题	经济学院－已发表论文
推荐引用方式 GB/T 7714	潘越,戴亦一,吴超鹏,等. 社会资本、政治关系与公司投资决策, Social Capital,Political Connections and Corporate Investment Decision[J],2009.
APA	潘越,戴亦一,吴超鹏,&刘建亮.(2009).社会资本、政治关系与公司投资决策..
MLA	潘越,et al."社会资本、政治关系与公司投资决策".(2009).

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