Financial Management Theory Of Social Capital Embedded In Research

In recent years, social capital becomes a new hot spot of social science research domain day by day; it not only attracts student's interest of multi-disciplinary domain involved in sociology, economics, management and so on, but also arouses the social public's widespread interest. Along with the deepening of the research on social capital and the increasing of the competition between corporations, the scholars and the entrepreneurs start to wake up to: Corporate social capital is an indispensable important factor to corporation development, is the new capital which maintains and promotes corporation competitive ability in the network times. However, actual finance theory still only attaches importance to material capital, still persists in the sole identity of "economic person", still only pursues the maximization of shareholder wealth, and neglects other corporate stakeholders, neglects corporate social responsibility. According to the requirement of social capital theory, the paper aims to establish a new framework of finance management theory, which will provide theory basis and practice instructions for corporations to undertake social responsibility, attach importance to other stakeholders and carry out sustainable development idea. The paper includes the following contents:The First: Social capital theory. Starting from the evolution of capital category, the paper draws out "social capital", and carries through brief overview and summary to social capital theory. On the basis of this, the paper brings out the definition of social capital: Social capital is an actual or latent resource. The resource which individual or organization can use is helpful to achieve its goal or improve its efficiency and is embedded in individual relation network or organization relation network, including authority, safeguard, fund, information, trust and cooperation and so on.The Second: Corporate social capital theory. On the basis of social capital theory research, through analyzing the meaning of corporate social capital, the paper puts forward the concept of corporate social capital: Corporate social capital is an actual or latent resource. The resource which the corporation can use is helpful to achieve its goal or improve its efficiency and is embedded in corporation relation network. At the same time, the paper carries through the classification to the corporate social capital, subsequently analyses the function of corporate social capital.The Third: Constructing framework of finance management theory embedded insocial capital. The paper begins with the review of formation and the development of thefinance theory systematically. On this foundation, the paper takes social capital theory,corporate society responsibility theory, stakeholder theory, corporate citizenship theoryas the theory basic, takes finance essence as the logic beginning of finance managementtheory, takes finance hypothesis as the premise of finance management theory, combineswith correlative subject and research method, constructs the framework oF "financemanagement theory embedded in social capital".The Fourth: Finance capital theory embedded in social capital. The paper beginswith the review of evolution of corporate capital category and researches on the relationsbetween social capital and other form capital. Based on the symbiosis theory, the paperputs forward finance capital theory embedded in social capital: Total corporate capitalincludes material capital, human capital and social capital, they make up of symbiosisbody of corporate capital.The Fifth: Finance main body theory embedded in social capital. The paper analysesthe major viewpoint of the finance main body theory, and confirms the real attribute offinance main body. On this foundation, the paper brings forward finance main bodytheory embedded in social capital: The Corporation is finance main body embedded insocial capital, and has dual identity which is "economic person" and "social person".The Sixth: Finance goal theory embedded in social capital. The paper begins withthe research on finance value orientation, and considers that the evolution of shareholdervalue orientation to stakeholder orientation is an irreversible historical tendency.Afterwards, the paper brings forward finance value orientation embedded in socialcapital. Grounded on the brief discussion about the main viewpoint of financemanagement goal, the paper brings forward finance goal embedded in social capital: theincrement maximization of material capital, human capital and social capital. Also takingit as the basis, the paper constructs the quantification appraisal indicator system offinance goal from the three aspects of economy, society, ecology, including: economicperformance indicator system, ecological performance indicator system and socialperformance indicator system.Finance management theory embedded in social capital is a bran-new researchdomain, the paper merely constructs a framework, is for the purpose of offering a fewordinary introductory remarks so that others may offer their valuable ideas. Owing to the various reasons, the paper is hard to avoid the flaw place, which also means a directionfor the author to make great efforts in.