Study On The Effect Of Social Capital On Economic Growth And Influence Channel

With the long-term high-speed economic growth momentum growth of China,the growing regional differences have become the widespread concern for the public,scholars and government department.Simultaneously,some of the social ethics of the inheritance of the millennium has been strongly shocked by the market economy,and the trust relationship among people has gradually withered.The road of harmonious development of economy and society is facing unprecedented challenges.The realization of the harmonious society needs to solve the dual problems of economic development and economic transformation.The propose of social capital concept not only solves the fundamental problems that have long plagued economists about the source of economic growth,but also provides a direction for analyzing non-market factors to promote the transformation of market economy.Through the introduction of social capital into the theoretical framework of economic growth,enriching and improving relevant theories about the economic growth and regional coordinated development.This paper analyzes the social capital of macroeconomic level and enterprise level from various dimensions,and analyzes the promotion effect and non-linear nature of social capital on economic growth.This paper explores the macro and micro channels of social capital's role in economic growth after studying the intuitive effect of social capital on economic growth.These finds provide the macro-based and micro-foundation with social capital theory.On the basis of combing the new economic sociology,new institutional economics,new economic growth theory and social capital theory framework,I analyze the effect mechanism of the social capital and economic growth through the theoretical model and corresponding empirical,so as to obtain the following important conclusions:First,in the current external factors of increasingly serious environment,social capital as a source of economic growth and the core elements of production,this plays an important role in sustainable economic growth.The endogenous growth model of horizontal innovation structure is used to describe the process of social capital accumulation and innovation promotion.Numerical simulation shows that the accumulation of unsaturated social capital has a significant effect on long-term economic growth.In the empirical part,I study the capital stock of China's inter-provincial social capital from structure level and cognition level.I find that China's regional economic growth has strong path dependence and the two types of social capital indicators are not low for economic growth at a significant level of 10% through using the dynamic panel model.At the same time,using the growth of accounting ideas to confirm the levels of investment,human capital and technological progress are three important channels that social capital promotes economic growth.Second,I construct the structural social capital measure of the prefecture-level city level to lay data foundation for exploring the regional differences.By examining the dynamic evolution of social capital on economic growth,I can see that the level of economic growth in China's prefecture-level cities has a tendency of increasing spatial agglomeration.Social capital has a significant effect on economic growth in spatial panel model.The deepening of the regional economic integration has brought about a huge spatial spillover dividend for the coordinated development of the urban agglomeration,which has brought the "club" convergence phenomenon.The panel quantification model shows that the promotion of social capital to economic growth is enhanced with the improvement of urban development level,and the social capital output effect in the central and western regions is stronger than that in the eastern region.The threshold model of government scale as a threshold variable suggests that the positive effect of social capital on economic growth will be strengthened with the expansion of government scale.The increase of the threshold of government scale is beneficial to the transformation of regional social capital into economic benefits.Thirdly,through the macro mechanism of government governance role in economic growth is a reasonable extension of the field of social capital research.Social trust,social norms and citizen participation networks are the three transmission mechanisms of social capital that affect economic growth through government governance.The theoretical model assumes that social capital affects economic growth by influencing the level of government governance.Through numerical simulation,I find that the social capital preference and the efficiency of government governance have a marginal diminishing effect on economic growth under the balanced growth path.The empirical results and the robustness tests show that the accumulation of social capital and the improvement of government governance have a significant effect on economic growth.Social capital can effectively reduce the harm of government governance to economic growth.These conclusions contribute to put forward a higher level of requirements about the construction of a sound social capital ecological system,improving the level of government management and standardized operation mechanism.Fourth,in addition to the above macroeconomic channels of economic growth mechanism,social capital can also promote business performance through the micro-channels affect economic growth.Social capital not only present the corporate governance at all levels as a form of informal system,but also as the business intangible assets in the corporate development,which has a crucial impact on enhancing corporate performance.I use Chinese listed companies to build corporate social capital index system and find that the social capital stock is quite different among listed companies.Social capital has a significant positive impact on corporate performance when construct entrepreneurial political association and corporate reputation as a substitute index for Social capital.Social capital is more efficient in underdeveloped areas than developed regions.Moreover,state-owned enterprises are strong in both political and corporate compare to the private sector,and social capital can better play the role of enhancing corporate performance.In addition,in view of the development of China's manufacturing industry,the effect of social capital on enhancing the performance of manufacturing enterprises has proved to have a higher effect than the average level.This article studies affirmed the social capital has the attribute of production factors,while examining the inherent law of social capital accumulation.Finally,I obtain the following policy recommendations:(1)creating a suitable social structure which is benefit to social capital accumulation;(2)regulating the government behaviors,and enhancing the level of government management and social credibility;(3)developing multi-dimensional corporate social capital,and to promote business performance;(4)improving the level of civic participation and trust level.(5)Re-examining the regional differences of social capital investment and promoting the inter-regional social communication network.This paper tries to achieve the new situation of economic growth,and harmonious society development from the perspective of social capital.