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The contingent value of social resources: Entrepreneurs' use of debt-financing sources in Western China

机译:社会资源的或有价值:企业家在中国西部利用债务筹资来源

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摘要

This study shows that entrepreneurs' use of debt-financing sources is conditioned by the resources embedded in their social networks. More business or political contacts increase entrepreneurs' probability of using formal financial sources, and more urban ties increases their probability of using informal sources. However, the effects of business and bureaucratic ties are contingent on community-level institutional trust and on firms' age. Business ties have greater positive impact on the probability of using formal financial sources for older firms and for those in regions with a higher level of institutional trust, while the impact of bureaucratic ties on these firms is weaker. (C) 2014 Elsevier Inc. All rights reserved.
机译:这项研究表明,企业家对债务融资来源的使用取决于其社交网络中嵌入的资源。更多的业务或政治联系会增加企业家使用正式资金来源的可能性,而更多的城市联系也会增加他们使用非正式资金来源的可能性。但是,企业和官僚关系的影响取决于社区级别的机构信任和企业的年龄。对于较老的公司和机构信任程度较高的地区的企业,使用业务联系对使用正式财务资源的可能性具有更大的积极影响,而官僚联系对这些公司的影响则较弱。 (C)2014 Elsevier Inc.保留所有权利。

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