Research On The SMEs' System Of Bank Loans:Perspective Of Social Network

The SMEs in our country are generally faced with financing difficulties.In recent years,related researchers in academia try to find solutions to the financing difficulties through non-regular channels: social network.Additionally,this study is blank in chinese academia: in the SMEs' social network,there are many nodes,such as government departments,banks,enterprises,universities and research institutions,business owners' relatives or friends and non-bank intermediary institutions.Those nodes,constituting SMEs' financing network system,play a unique role in promoting financing,and affect the function of the other nodes.Hence,combing the complex relationship is good to recognize the essence clearly and promote SMEs' financing smoothly.Based on this,this study first introduced the related social network theory,transaction cost theory,enterprise financial intermediation theory,and outlined the related research of the relationship between government,banks,enterprises,research institutions,individuals and intermediary institutions nodes and financing.Furthermore,it pointed out deficiency of the current academic research on the relationship between social network and SMEs' financing and the research idea of this paper.On that basis,The social network can be divided into several subnets: government-enterprise network(GEN),bank-enterprise network(BEN),enterprise network(EN),industry-university-institute network(IUIN),human-enterprise network(HEN)and mediation network(MN).Next,three stages of this thesis all adopted the methods of questionnaire and interview research of SMEs,and used all kinds of quantitative methods to make an empirical analysis of the relationship between the related dimensions of SMEs' social network and the bank loans.Empirical methods and main research conclusions are as follows:First,the descriptive statistical analysis of main variables of subnets,such as network scale,relation intensity and quality,showed that the order of every mean value of each variable is from large to small:(1): the network scale: HEN,EN,GEN,BEN,MN,IUIN.(2)the relation intensity: GEN,HEN,EN,IUIN,MN,BEN.(3)the network quality: HEN,EN,IUIN,GEN,MN,BEN.Second,development level of HEN has significant positive influence on the development level of GEN,BEN and IUIN;development level of GEN has a significant positive impact on the development level of BEN,EN and IUIN;development level of BEN affects the development level of IUIN positively;development level of IUIN influences development level of EN positively;development level of MN also has a significant positive effect on the development level of BEN.The development level of GEN,EN,HEN and MN have significant positive effects on loan capability,they can effectively promote the loan capability;the impact of development level of BEN on the loan capability is restricted;development level of IUIN has a negative impact on loan capability.Third,the relationship strength of BEN and HEN can effectively promote the loan availability.The relationship strength of GEN,EN and MN can't effectively promote the loan availability.The stronger the relationship strength of IUIN,the less the loan availability is.The relationship between relationship strength of BEN,HEN and loan availability can be explained by strong ties hypothesis,while the relationship between relationship strength of IUIN and loan availability can be explained by weak ties hypothesis,but the relationship between relationship strength of the others sub-networks and loan availability can't be tested by both strong ties hypothesis and weak ties hypothesis.Forth,we divide social networks of SMEs into relational embeddedness and structural embeddedness networks,main conclusions are:(1)The SMEs with relational embeddedness and structural embeddedness networks are all of higher loan rates,lower loan costs,and longer term loans;(2)SMEs with relational embeddedness networks reduce the dependence on structural embeddedness networks;SMEs without relational embeddedness networks almostly increase the dependence on structural embeddedness networks except for the dependence of relationship of BEN and MN on IUIN;(3)SMEs' loans based on relational embeddedness networks are of higher rates of loan defaults;SMEs' loans based on structural embeddedness networks are of lower rates of loan defaults.Contribution of the research is: It's good to realize how to improve the enterprises' loans capability and structure by improving the scope,stength,quality of the sub-networks.In addition,this thesis explained the related social network theories,which avoids the “insufficient socialization” and “zero embeddedness” of the traditional western financing theory.