Study Of Private Enterprises Executive Social Position On The Influence Of Exogenous Financing

Private enterprise financing problem has always been the hot topic in the social. In today’s society, private enterprise economy development should not only face the fierce competition in the market environment, more need to deal with the complexity of the non-market environment. Under the background of economic transition in China, the relationship between the enterprise and the government or between the enterprise and the bank, became ease the financing difficulties of private enterprises, it has been a new research hotspot.When review of relevant theories and research literature at home and abroad, based on the social network perspective, with background of serious government intervention and imperfect legal system in our country, this paper listed on the gem of the three years2009-2011, private enterprises as the research object, through the establishment of multiple linear regression models using the unbalanced panel data to empirical test, from the angles of government intervention and the legal system level to interpretation of the private enterprise executives social position background on the influence of exogenous financing. The empirical results show that private enterprise executives social position background for informal legal alternative protective property rights of private enterprises, can bring convenient access to government control of financial resources, also can be used as enterprise reputation signal to investors, or transfer information to the bank, which help to overcome the external financing difficulties. Actively building the relationship between the fact network for the enterprise may create a favorable external financing environment. Although the positive role of social capital is more significant in the short term, but for a long time, as the property right reform, deregulation, strengthen market competition mechanism will effectively inhibit the role of social capital. At the same time, private enterprise executives affiliations background influence is also a double-edged sword, likely to abate negative influence enterprise core competitive ability and so on. Enterprise perspective should pay attention to the construction of core competitiveness of enterprise innovation, strengthen enterprise viability, reduce external dependence; Encourage private enterprises credit cooperation organization by the advantages of social capital; Building private enterprise credit system reduce the information asymmetry market; Guide "normalization" of non-formal finance to rich private enterprise capital source; Deepening marketization of social economic and legal system construction, make private enterprises not due to the limitation "origin", fairly to participate in market competition, and solve financing difficult problem effectively.The paper research, can help enterprises use more resources to overcome the financing dilemma, at the same time, how to correctly guide, standardize in the short term effect of exogenous financing of private enterprises in the relevant policy formulation and mechanism.