社会网络在创业融资中的作用机制——基于上海新创企业的经验分析

交易费用昂贵、信息不对称严重和创业计划未来的高度不确定性造成创业融资活动中资金供需双方的交易困难。经济学者以契约设计为主线的理论不能完全解释创业融资现象,而社会网络理论提供了互补的新的理论手段。文章通过文献研究,提出了社会网络作用于创业融资的三个理论假设,并对上海24家新创企业的81个研究样本进行了统计分析,认为社会网络作用于创业融资的机制是以专有信息为基础,以人际信任为核心,以自利动机和利他动机并存为表征的综合作用机制。

A Research for Governance Mechanism of Social Networks on the Venture Financing

Information asymmetry and future high uncertainty of venture business plan lead to the difficulty that entrepreneurs and investors make a deal.Economic theory based on contract design can't explain the venture financing phenomenon completely,and the social network theory provides a new theory method.This research starts from previous studies and proposes three theoretical hypotheses.And the statistical analysis results of 81 cases from 24 Shanghai ventures suggest that the function mechanism of social networks on the venture financing is comprehensive,taking private information as the base,personal trust as the core,and coexistence of selfishness and altruism as the characterization.