The Mechanism Of Entrepreneurial Competence, Entrepreneurial Social Capital On Financing Efficiency

After the financial crisis, financial market is strongly affected, and investorsbecome more cautious. In this context, small and medium-sized enterprise financing isbecoming more difficult. Financial efficiency is a comprehensive index, which isaffected by many factors, such as financing cost, financing speed and funds usingfreedom degrees and so on. So using financing efficiency to reflect financing problemwill be more comprehensive.Entrepreneur is the key leader in SMEs. Entrepreneurial competence andentrepreneurial social capital can help corporation improve competitive advantages inbusiness operation, as well as in financing activities. Thus this paper starts the analysisfrom the perspective of entrepreneur. on the basis of entrepreneurial trait theory andinformation asymmetry theory, this paper studies on the impact of entrepreneurialcompetence and entrepreneurial social capital on financing efficiency, and then putsforward the relevant policy recommendations. Based on related research analysis, thispaper built a theoretic model and put forward correlative hypotheses. Then we issued300questionnaires in Zhejiang area and received200valid questionnaires. UsingSPSS17.0and AMOS18.0to deal with datum and test the hypotheses, we got thefollowing conclusion:(1) entrepreneurial competence had no direct impact on financingefficiency, and its influence on financing efficiency can fully be completed by corporateperformance;(2) entrepreneurial social capital had a significant positive impact onfinancing efficiency;(3) corporate performance had mediate influence betweenentrepreneurial competence and financing efficiency, and had mediate influencebetween entrepreneurial social capital and financing efficiency as well.The main innovations of this paper are as follows: past literature mainly studiedon the impact of financing structure, enterprise characteristic and macro-environmenton financing efficiency. This paper starts from the perspective of entrepreneur,investigating the relationship among entrepreneurial competence, entrepreneurialsocial competence and financing efficiency. By theoretic analysis and empirical test, we deduced that corporate performance had mediate effect between entrepreneurialcompetence and financing efficiency, as well as between entrepreneurial social capitaland financing efficiency. It reveals the mechanism of entrepreneurial competence,entrepreneurial social competence and financing efficiency, and enriches the theoreticresearch of financing efficiency.