企业家社会资本对企业绩效的影响外文文献.doc

中 北 大 学毕业论文外文文献原文及译文0809014914经济与管理学院薛凯学生姓名： 学号： 管理学系学 院： 李彦华专 业： 指导教师： 2012年 6 月Social capital can be viewed as networks that enable the organization to function better, while reputation of the organization can also be regarded as part of the rms social capital. Exactly what constitutes social capital remains a challenge and there is still much work to be done in this area. However, it is believed that social capital, in general terms, improves the protability of rms. It should be noted here that social capital, or network, cannot be necessarily assumed to have a positive effect on the rms performance. Social capital measured in different ways may have negative effects on the rm. For example, if the managers use his/her inuence or skills to reduce the competitiveness of the rm for the benet of his/her own or competitors, these managers clearly represent negative social capital of the rm. The owners of the rm may be willing to pay or incur additional costs to get rid of them.In the traditional Chinese culture, social networking is critical to survival and success. Therefore, the use of social capital, which can be viewed as a social network, should have an important role in the nancial performance of Chinese rms. We follow an approach similar to that in Zhang and Fung (2006) and incorporate some variables that proxy for social capital in our empirical analysis. Because of underdeveloped nancial markets in China, the nancial constraints of oper- ating a business enterprise are real and binding. It is not easy to borrow money from banks, which are largely owned by the government and focus on lending to large state-owned enterprises. The bulk of the funding for Chinese privatized rms listed on the exchanges still comes from bank loans (Fung, Leung and Zhu, 2006). Thus, China is a bank-based economy compared to the market-based US economy. Venture capital in China is not easily accessible to small or medium-sized private rms. Nor are there small business loans programs like those run and subsidized by the US government (e.g., SBA loan programs) in China. As a result, private rms require capital for expansion and growth. It seems obvious that equity capital of the private rms plays an important role in the success of the business. As a result, nancing capital is apparently a critical input in the performance of these Chinese private rms. Human capital is clearly important for private rms in any society. In the traditional economic model of production function with capital and labor, the importance of human capital is not undermined. In the current literature, human capital has been clearly viewed as the key factor in the success of an organization. China has been in the process of transforming from a socialist to a market-oriented economy; human capital is important in ensuring the success of private rms, given the many hurdles and red tape to be overcome in operating a business in China. Managerial skills are required and necessary to resolve issues related to complicated rules and regulations and other market impediments Our survey results based on 2000 and 2002 data show that many Chinese entrepreneurs are well-educated and over one-third of themhave college or advanced degrees. We can view social capital of the rm as real options, which provide the rm with some exibility in many cases. However, at times, some put options written by the rm can impose costs to the rm, thus creating negative social capital. rms do not have boards of directors or shareholder meetings. Entrepreneurs contributed 77 percent of the equity capital in 2002 and 80 percent in 2000 to these rms, and the average return on equity was about 24 percent in 2002 and 19 percent in 2000. Our study examines how social capital, nancing capital, and human capital affect rm performance because we can argue strongly that these factors are important in the success and survival of the Chinese private rms. Indeed, the results from our analyses indicate that: (1) social capital, measured by cumulative charitable contributions as a percentage of total assets, positively affects the nancial performance of the rms; (2) nancing capital, measured by the ratio of equity to total capital, is also positively related to return on assets; and (3) human capital, proxied by the management-to-employee ratio, is positively related to nancial performance in 2000 but not in 2002. The age of the entrepreneur is negatively related to performance for the two surveys, implying that younger entrepreneurs perform better. The rest of the article is organized as follows. We rst review the literature related to the nancial performance of private or newly privatized rms in China along with their determinants. Then we present the methodology and data of this study. Our study contains a large sample of private Chinese rms with the empirical analysis and results presented. The nal section describes the conclusions. A number of authors have examined the nancial performance of private rms in China and its determinants. Wei et al. (2003) examine the pre- and post-privatization nancial and operating performance of 208 rms privatized during the 19901997 period (rms listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange). Their results reveal signicant improvements for these publicly traded rms in real output, real assets and sales efciency but no signicant change in protability. At the same time, they show signicant improvement in protability compared to fully state-owned enterprises. Child and Pleister (2003) use two studies of private rms in China to show that gover-nance systems and managerial capability inuence the economic behavior of private rms. One important constraint in China is the availability of capital for establishing and expanding private companies. Attraction and development of competent managers are also important for the continued growth of Chinese rms. Xu and Wang (1999) show that the nancial performance of Chinese rms is affected positively by ownership concentration, protability and fraction of legal-person (institu-tional) shares but negatively by state-owned shares. At the same time, labor productivity declines as the proportion of state shares increases. Huang and Song (2005) observe that the nancial performance of Chinese rms listed in the Hong Kong stock market deteriorates after listing, while control sample rms that are newly listed perform even more poorly in the home market. The results document the positive effect of privatization in overseas listed Chinese companies. For 228 private rms in Shanghai, Liang and Li (2003) found a positive but insignicant relationship between duality of duties (i.e., dual role of CEO and chair of the board) and rm performance, while the ability of management and rm technology positively affected rm performance. Watanabe (2002) argues that excellent Chinese companies can fall into nancial difcul-ties and disappear from the industry because controlling shareholders can funnel nancial resources of the listed companies to non-listed holding companies. Thus, the corporate gov-ernance structure of Chinese listed rms can signicantly affect the nancial performance of listed rms. There appears to be an inverted U-shaped pattern between the level of government ownership and rm performance. Sun and Tong (2003) present additional results indicating that privatization improves state-owned enterprises earnings ability, real sales, and worker productivity. Legal-person ownership, rather than government and foreign ownership, is positively related to rm performance. We use regression analysis to examine the effects of three types of capital (social, nancing and human) on the nancial performance of Chinese private rms. Return on assets (ROA) is used as the dependent variable in the following regression model: ROA = f (Social Capital, Financing Capital, Human Capital, Control Variables) We use different variables to proxy for social capital, nancing capital and human capital. The entertainment expense and charitable contributions ratios are used as proxies for social capital. Entertainment expenses include costs related to meals, gifts and other such expenses in an enterprise engaging in interactions with other people and organizations. We calculate the entertainment expense ratio as annual entertainment expense divided by net income. The entrepreneurs total charitable contributions over time measure the cumulative long- term effects of social networking on rm performance, as social networking takes time. We calculate the charitable contributions ratio as the entrepreneurs cumulative charitable contributions divided by the total assets of the enterprise. Financial capital is measured by the equity-to-total capital ratio. It is important to note that the private enterprises in China may be nanced by equity (private equity rather than publicly traded equity) and/or debt (from banks or family and friends). Human capital is proxied by three variables: MPE (managers as a percentage of employees: number of managers/number of employees), MPI (managers as percentage of investors: proportion of investors who are also managers), and AGEE (age of the entrepreneur as of 2000). We also use log sales revenue and age of the enterprise to control for rm size and age factors. We expect all three types of capital (social capital, nancing capital and human capital) to have a signicant effect on the return on assets, while control variables are used to control for rm size and rm age factors. The data comes from two surveys of Chinas private enterprises conducted by the National Association of Private Entrepreneurs in cooperation with the Chinese Academy of Social Sciences, in 2002 and 2000 respectively. Every Local Association of Private Enter-prises sent investigators to interview entrepreneurs. Table 1 reports descriptive statistics on entrepreneurs and other human capital related to Chinese private enterprises. Panel A shows the descriptive statistics for 2002 survey and Panel B shows the descriptive statistics for 2000 survey. The average age of the entrepreneurs is about 44 years old in 2002 and 43 years old in 2000. Most of them are male. Many of the Chinese entrepreneurs are well-educated; over one-third of them have college degrees or higher. Over 93 percent of the entrepreneurs also serve in their rms highest managerial position and on average, entrepreneurs contribute 77 percent of the equity investments in 2002 (Panel A) and 80 percent in 2000 (Panel B) to rms. The Chinese private companies are young, with an average age of six years in 2000 and seven years in 2002. This result is reasonable in light of Chinas recent transition from a state-planning economy to a market-based economy. Many new private rms are established in China. Over half of the rms do not have a board of directors and 66 percent of the rms in 2002 and 71 percent in 2000 do not have shareholder meetings. The ratio of managers to employees is 13 percent in 2000 and 14 percent in 2002. 77 percent of the investors are serving as managers of the rm in 2000, and the ratio stays at 76 percent in 2002. The two ratios are not signicantly different as shown later in Table 4 Panel B. The average number of employees is 163 in 2000 and 154 in 2002, indicting that the Chinese private rms are sizable. The difference in rm size reects the fact that different rms are included in the survey. The mean (median) sales revenue is 21.60 (6.00) million RMB in 2002 (Panel A) and 18.70 (4.50) million RMB in 2000 (Panel B). Entertainment expenses account for 18 percent and 15 percent of 2001 (Panel A) and 1999 (Panel B) annual net income, respectively. The high and increasing entertainment expense amount over the two surveys is hard to comprehend from a US standard given that there is typically a limit to the expense amount as required by law. Conceptually, business owners in the US develop normal business contacts and relationships without incurring substantial entertainment expenses. US business owners in general are prudent in controlling entertainment expenses. Table 2 shows that the levels of entertainment expense are usually high in China. A high entertainment expense ratio is commonly observed in China among both private and state-owned rms. This practice of having high entertainment expense ratio deserves more attention. It is quite common and in fact expected for Chinese business owners to give out gifts or perks and treat potential clients or local government ofcials with luxury meals in order to develop their “Guanxi” (relationship network) with various stakeholders. The Chi-nese accounting rules are more lenient on the nature and amount of entertainment expense. In addition, managers often abuse the allowance of entertainment expenses and lump their personal expenses (such as transportation expenses, personal meals and personal entertain-ments) into the companys entertainment expense. As a result, the entertainment expenses in China appear to be excessive, and in some sense, can be viewed as negative social capital. Entrepreneurs cumulative charitable contributions through 1999 and 2001 are averaged at 3 percent and 4 percent of the rms total assets, respectively. The increase in donations over the two surveys reects: (1) the awareness of social responsibility by the Chinese rms, and (2) the recognition of the importance of social network established through charitable donations.社会资本可以被视为使本组织更好运作的网络，而声誉也可以视为一部分的社会资本。到底什么是社会资本仍然是一个问题，仍然有许多这方面的工作要做。然而，据认为，社会资本，在一般条款里是指能够提高专业能力。这里应当指出，社会资本，或网络，不一定是假定的产生积极影响的性能。社会资本在不同的测量方法可能有负面影响的。例如，如果管理人员使用他/她在影响或技巧降低竞争力为受益人的他/她自己或对手，这些管理人员显然是消极社会资本。而业主也可能为了解雇他们而支付更多或额外费用。 在中国传统文化中，社交网络是对生存和成功来说都是至关重要的。因此，利用社会资本，这可以被视为一个社会网络，应该有重要作用的。我们遵循的方法相似，在张和丰（2006）利用一些变数来对我国的社会资本情况进行分析。因为在欠发达的中国金融市场里，金融约束的操作运转商业企业是真实的和有约束力的。由于在很大程度上是由政府拥有并注重贷款给国有大型企业，所以私有企业是不容易从银行贷款。但是在中国大部分的融资仍然来自银行贷款（丰，梁和朱，2006）。因此，中国的金融业是一个需要社会资本的金融体系。 在中国的中小民营是不容易接触到风险投资机构的。因为不管在中国还是美国，小企业贷款程序一样的，因此想要获得资助是有一定困难的。但是同时，私人需要的资本扩张和增长。很明显，对企业的成功来说，股权资本的私人化起着重要的作用。因此，融资资本显然是一个关键的输入点从这些中国民营企业中表现出来。无论在任何社会人力资本都是很重要的有效值。在传统经济模式下的生产函数与资本和劳动力，人力资本的重要性是不破坏。在目前的文献，人力资本已被明确视为成功的关键因素组织。中国已经在转变的过程中，