关键词: 政府社会资本,融资约束,缓解机制,产权性质

Abstract: There are a large quantities of literature which studies the impact of government function on business operation from the perspective of political relevance, but fewer to explore it from the perspective of social capital. Based on the concept definition and measurement of enterprise’ government-social capital endowment, this paper selects the empirical data of A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2016 as samples to explore the impact of enterprises’ government-social capital endowment of different proper right natures on their financing constraints, so as to provide effective evidences of capital market for the role of government played in resource allocation. The results show that the listed companies in China are generally confronted with external financing constraints, and the private enterprises are faced with more serious problems, and that the enterprise’s government-social capital can play a positive role in alleviating the financing constraints, this effect is also influenced by the nature of property rights, namely, as for the private enterprises, the government-social capital has a higher value.

Key words: the government’s social capital; financing constraints; mitigation mechanism; property right characteristics