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选取政府关系网络、银行关系网络、社会关系网络三个维度测量公司高管社会资本水平,以2011-2014年471家非金融上市公司为样本,运用固定效应模型、随机效应模型、Logit模型、参数和非参数检验方法实证检验高管社会资本对银行贷款契约的影响。结果表明,镶嵌于关系网络中的高管社会资本对银行贷款契约具有显著正影响,即高管社会资本水平越高,贷款利率越低、贷款金额越多、贷款期限越长、贷款担保要求越宽松。
We choose the government relation network, bank relationship network and social network to measure the social capital level of senior executives. Taking the 471 non-financial listed companies in 2011-2014 as samples, we use the fixed effect model, the random effect model, the Logit model, the parameters And nonparametric test to test the impact of senior social capital on bank loan contract. The results show that senior executives’ social capital embedded in the relationship network has a significant positive impact on the bank loan contract. That is, the higher the social capital of senior executives, the lower the loan interest rate, the more the loan amount, the longer the loan term, the more the loan guarantee requirement Loose.