企业家社会资本对企业绩效的影响外文文献精选.docVIP

中 北 大 学 毕业论文 外文文献原文及译文 学生姓名： 学号： 学 院： 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 ?rm’s 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 pro?tability of ?rms. It should be noted here that social capital, or network, cannot be necessarily assumed to have a positive effect on the ?rm’s performance. Social capital measured in different ways may have negative effects on the ?rm. For example, if the managers use his/her in?uence or skills to reduce the competitiveness of the ?rm for the bene?t 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 ca