The Empirical Study On The Effect Of Social Capital Of Listed Companies Of Executives On Corporate Value

Among the listed companies, the importance of the executives is self-evident.With the increasing number of professional managers who had worked in thegovernment, state-owned banks and other economic, cultural organizations whichserved as executives of listed companies, the executive social capital graduallyattracted people’s attention. What executives social capital may impact have on thelisting of the company’s enterprise value, what categories of social capital of theenterprise value for listed companies to improve their corporate value are important.The core issue of this paper is to clarify the executives of listed companies thesocial capital of the enterprise value and clear whether social capital contribute tothe improvement of corporate value, and what kind of social capital has the mostobvious effect.Definition of the concept of social capital and corporate value through thereview of past literature is the first, the use of social capital theory, theory ofgovernance, rent-seeking theory,stakeholder theory to analyze the correlationbetween the two things. At last put forward the four hypotheses. Assuming all otherconditions are the same as in the case of listed company executives social capital,political capital, economic capital, cultural capital enterprise value of listedcompanies are positively correlated.Then, after the basis of prior theoretical analysis, select cross-section data ofthe2011Shanghai A-share listed companies as samples， the structural equationmodel is built up, measurement factor defined. Including executives of socialcapital: political factors, economic factors, cultural factors; enterprise valuemeasurement cost factor, income factor, the market factor.Finally, the empirical study of the listed company executives between thesocial capital and the enterprise value is completed. In empirical research, the testshowed good. Showed that executives of listed companies social capital, politicalcapital, economic capital, cultural capital is the value of listed companies ispositively correlated.