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论文编号：	8398
作者编号：	2120142484
上传时间：	2016/6/9 13:12:03
中文题目：	创业者社会资本与风险资本融资
英文题目：	Social Capital of Entrepreneurs and Venture Capital Financing
指导老师：	黄福广
中文关键字：	创业者；社会资本；风险资本；资本成本
英文关键字：	Entrepreneur；Social Capital；Venture Capital；Capital Cost
中文摘要：	创业者的创业活动对我过经济发展起到至关重要的作用，但是初创企业融资困难现象是至今尚未有效解决，企业的融资行为不但是财务理论研究的范畴，也隐含着创业者社会关系、社会资本的作用，我国当前正处于经济转型时期，社会关系成为影响我国资源配置的关键因素之一，企业的融资行为表现出一定的社会性，所以本文以创业者社会资本为研究对象，研究其对企业风险资本融资选择的影响。风险资本作为企业的融资方式之一，越来越受到理论界和实务界的关注，风险资本是企业的新型融资工具，在一定程度上解决新创企业融资困难的问题，而什么样的企业风险资本会投资，什么样的企业会选择风险资本进行融资，都是需要研究的问题。本文研究创业者社会资本和风险资本融资的关系，为进一步研究社会资本或者风险资本的相关内容做出一定贡献。 本文以经典财务理论下的企业融资理论、信息不对称理论分析为基础，研究创业者社会资本和风险资本融资之间的关系，本文以创业板全部上市公司为样本，以风险资本融资为被解释变量，以创业者社会资本为解释变量，创建创业者社会资本四维度评价表；构建创业者社会资本和风险资本融资相关性的倒U型模型，检验创业者社会资本对风险资本融资的影响；并且引入VC融资资本成本和债务融资倾向性两个中介变量，构建中介效应模型，研究中介变量对于创业者社会资本和风险资本融资之间的关系的影响。 本文通过实证分析得出创业者社会资本和风险资本融资呈现倒U型的关系，说明当创业者社会资本处于中等水平时，往往会选择风险资本作为企业的融资工具。本文同时还验证了VC融资资本成本是创业者社会资本和风险资本融资两者关系的中介变量，起到中介作用，创业者社会资本拥有度越高，创业者议价能力越强，企业的VC融资资本成本越低，企业估值越高，越容易获得风险资本融资。最后本文还发现创业者的政治关系越强，工作经历等横向关系网络得分越高，越有利于企业获得风险资本融资。
英文摘要：	The activities of entrepreneurs play a crucial role for economic. But the financing difficulties phenomenon of start-up is not yet solved effectively. Enterprise’s financing behavior is not only the category of financial theory research, also implied the role of social relationships and social capital of entrepreneurs. Social relationships become one of the key factors that affect the allocation of resources in our country, the enterprise’s financing behavior shows sociality. As one of the enterprise’s financing tools, venture capital get the attention of theory and practice. Venture capital is a new kind of financing tool to solve the problem of financing difficulty of new enterprises. What kind corporate that venture capital would invest and what kind of corporate that will choose venture capital financing are both need to study. In this paper, we study the relationship between entrepreneur social capital and venture capital financing. In this paper, we study the relationship between entrepreneur social capital and venture capital financing. This paper takes the gem listed companies as samples, venture capital financing as explained variable, social capital financing as the explained variable, building correlation model to test the impact of entrepreneur social capital on venture capital financing. This paper also introduces 2 intervening variable and builds a mediation effect model to study the influence of the intermediary variable on the relationship between entrepreneur social capital and venture capital financing. Through empirical analysis, it is concluded that the entrepreneur social capital and venture capital financing have an inverted u-shaped relationship. This paper also proves the VC financing cost of capital is intermediary variables between entrepreneur social capital and venture capital financing. This paper also found that entrepreneurs political and lateral relationship network have effect on venture capital financing.
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