If I were to get a novel excerpt published as a short story, would that have any effect on my getting the novel published later on?

The one I'm about to submit has been changed around, with the people characters changed into fairies, but the gist and a lot of the wording is the same.

Would agents/publishers still pick up a novel if a small section has been published this way?  I would think it'd show the work has merit, but that's just a guess.

Anybody know?