證券市場之社會資本探討：社會網絡觀點

證券市場運作是一個複雜的社會網絡關係，歷來相關文獻多以經濟理性之財會理論為基礎，較缺乏由社會網絡觀點來探討成員間之互動關係。本文主要從社會網絡觀點，探討證券市場主要成員由資訊供給與需求關係連結所形成的社會網絡，且歸納出存在於證券市場網絡中的社會資本形式，以及這些社會資本彼此之間的相互關係。研究結果發現，企業資訊揭露透明度之社會資本累積，正向影響資訊可靠性與信任兩種社會資本；另亦發現資訊揭露透明度與資訊可靠性對信任亦存在明顯的正向交互作用。本文研究結果之意涵為企業要建立相對融資優勢地位，除本身需落實資訊揭露行動外，尚須同時與企業所鑲嵌之資訊社會網絡地位相配合，方能發揮資訊揭露對強化企業融資優勢之槓桿效果。

關鍵字

證券市場；社會網絡；社會資本

並列摘要

A security market in action is based on a complex social network. We can find a great majority of literature texts based on the economic rationality of financial and accounting theory. However the exploration on the interaction among members lacks social network approach. This study focuses on the social network formed by information supply and demand among main members in a security market, which includes three forms of social capital. They are information transparency, information credibility and trust. In this paper, we find significant positive relations between information transparency vs. information credibility; and information transparency vs. trust. In addition, the interactional effect of information transparency and information credibility on trust is also significantly positive. There are some important implications on these findings. First, a firm should strengthen the transparency of information in order to build an advantage position for equity financing. Second, when the policy of information disclosure matches definitely with embedding position; then, a leverage effect of information transparency would occur.