Abstract: This paper discussed the incentives of private placement in private listed companies from the view of social capital.Based on a case study of M company,we found that private placement in China is not only a mean of acquiring financial capital,but also a way to get social capital.This finding provided a new perspective of the incentives of private placement in private listed companies.

Key words: private placement, private listed companies, social capital, theoretical model

摘要： 本文从社会资本的视角,研究了民营上市公司非公开发行的动因。通过案例研究,笔者提供的证据表明,非公开发行不仅是民营上市公司的一种融资手段,而且是获得社会资本的重要途径。以相关证据为基础,笔者从社会资本视角构建了民营上市公司非公开发行动因的理论框架。本文的研究结论不仅对理论界从新的角度理解民营上市公司非公开发行的动因有重要启示,而且对民营上市公司采用非公开发行筹资实践有一定的借鉴作用。

关键词: 非公开发行, 民营上市公司, 社会资本, 理论框架