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从社会资本对于企业的积极作用出发,研究企业家的社会资本对融资工具选择决策的影响,尤其是对风险资本选择的影响。实证研究表明,当新企业面临融资工具选择时,企业家的社会资本拥有度影响对风险资本使用的选择结果。当企业家社会资本拥有度较低或者较高时,企业倾向于选择其他方式融资;只有当企业家社会资本拥有度在中等水平时,企业倾向于选择风险资本股权融资。从而证实了在新企业中不存在简单的融资啄食,深化了新企业资本结构理论的研究成果。
Starting from the positive effect of social capital on enterprises, this paper studies the influence of entrepreneurial social capital on the choice of financing instruments, especially on the choice of venture capital. Empirical studies show that when new firms are faced with the choice of financing instruments, the ownership of entrepreneurial social capital influences the choice of venture capital. When the social capital of entrepreneurs is low or high, the enterprises tend to choose other ways to finance. Only when the social capital ownership of entrepreneurs is moderate, the enterprises tend to choose venture capital equity financing. Thus, it confirms that there is no simple financing pecking in new enterprises and deepens the research results of the theory of capital structure of new enterprises.