社会资本是否缓解了融资约束?中国创意经济研究

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-04-22 DOI:10.1080/16081625.2022.2067882

Shaner Chu, Erin Oldford, Changchun Gao

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引用次数: 3

摘要

摘要本研究旨在探讨社会资本对中国文化创意企业财务约束的影响。我们将公司的社会资本分为专业资本、政治资本和商业资本。实证结果表明，专业社会资本能够显著降低企业投资-现金流敏感性，帮助企业获得银行贷款，从而缓解企业的资金约束。然而，政治和商业社会资本并没有减轻金融约束。我们还发现，知识产权保护放大了职业社会资本与财务约束之间的负相关关系。这些结果对于关键构造和模型规范的替代度量是稳健的。

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Does social capital alleviate financing constraints? A study of China’s creative economy

ABSTRACT This study investigates the effect of social capital on financial constraints of Chinese cultural and creative enterprises (CCEs). We disaggregate a firm’s social capital into professional, political, and commercial capital. Our empirical results show that professional social capital can significantly reduce CCEs’ investment-cash flow sensitivity and help gain bank loans, thereby alleviating CCEs’ financial constraints. However, political and commercial social capital do not lessen financial constraints. We also find evidence that intellectual property protection acts to amplify the negative relation between professional social capital and financial constraints. These results are robust to alternative measures of key constructs and model specifications.

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来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.