A Study On The Impact Of The Social Capital To Loans Efficiency Of Small And Medium-sized Enterprises And Enterprise Performance

The sustained, rapid and sound development of Small and MediumEnterprises(SME) has great importance to the realization of the development targetsof our country’s market economy, the maintenance of sustained development ofeconomy, social stability, employment promotion and the improvement of thesocialist market economy. However, SME are commonly confronted with difficulty infinancing and increase in enterprise performance at present. As a result, to find theeffective developing channel for SME is urgent.On the one hand, SME is subject to serious credit rationing which will preventSME from developing positively. Scholars agree that the information asymmetrybetween the commercial banks and SME is the basic reason for the difficulty ofindirect financing. Social capital can not only transfer information effectively, but alsoreduce agency cost by the trust, regulation and sharing-desire. On the other hand,SME are confronted with complex and uncertain environment, how to survive is veryimportant for SME. Allow for the social capital SME has, many scholars study theimpacts of the net resources and sharing–wish to enterprise performance. So, proceedfrom the two hard questions which SME confront, this paper will study the impact ofsocial capital to loans efficiency of SME and enterprise performance in order tosupply suggestions for the sustained, rapid and sound development of SME.This paper regarding SME in China as the research object and based on76questionnaire, and conclusions are obtained as follows: First, net social capital haspositive effluence on cognitive social capital. Second, social capital can’t directlyimprove the loan efficiency of SME. The possible reason is that the more socialcapital SME accumulate, the more possibility of financing from non-regular financeor folk finance. As a result, social capital can’t directly improve the loan efficiency ofSME. Third, social capital has both positive and negative influence on enterpriseperformance. Consequently, SME in China should fully take advantage of socialcapital to financing from non-regular finance channel in order to fill its demand forfund and make rational use of the net resource in social capital to realize enterprisedevelopment.