摘要/Abstract

本文通过企业社会资本这一更为广泛的企业社会关系测度来探讨其是否能缓解中小企业融资约束，以及其内在作用机理。以中国中小板上市公司为样本的研究发现，企业社会资本确实能有效缓解其融资约束，并且通过信息效应和资源效应产生作用。企业社会资本的信息效应和资源效应分别通过减少企业与资金供给方两者的信息不对称和强化企业的资源获取能力缓解中小企业的融资约束。两相比较，资源效应所起的作用更大。

This paper discusses whether the enterprise social capital which represents a broader corporate social relation can ease financing constraints of the small and medium-sized enterprise, and its internal mechanism. In samples of Chinese small and medium-sized listed companies, we found that enterprise social capital can effectively alleviate the financing constraints through the information effect and resource effect. The information effect and resources effect of corporate social capital alleviate financing constraints of small and medium-sized enterprises respectively by reducing the information asymmetry of enterprises and the money supplier and strengthening the acquisition of resources. By comparison, resource effect plays a more important role.