The Study On Influence Of Corporate Social Capital On Financing Constraints Of Small And Medium-Sized Enterprise

For more than 30 years of reform and opening-up, small and medium-sized enterprises in our country gets rapid development, and become the backbone of the high-speed economic development in our country. Even though small and mediumsized enterprises occupy a pivotal position in the domestic economy, but in terms of elements such as financial resources allocation it is still in the weak position, the financing difficulties are common difficulties faced by small and medium-sized enterprises. Although the abroad and domestic research on the influencing factors of enterprise financing constraints more focused on their own factors, but the latest dynamic research developments of the abroad and domestic on conditions and elements of corporate financing constraints are increasingly involves various relationships between enterprises and the society from all walks of life. However, more research perspective dispersed in political ties, the relationship between banks and other single social network, for general strong social capital concept, only stay on the definition and general analysis, rarely discuss the relationship between social capital and financing constraints.Based on this, this paper comprehensively studies the relationship between enterprise social capital and the small and medium-sized enterprise financing constraints, discussed the micro mechanism of the enterprise social capital influence financing constraints. At first,how the social capital influence the small and mediumsized enterprise financing constraints mechanism is analyzed. Then based on the empirical analysis, design the index system of social capital, and uses the principal component analysis to extract the social capital index. Second, financing constraint recognition model was constructed to test the influence of social capital on small and medium-sized enterprises financing constraints, and compared the influence of difference in different financial development area. Finally start a research fr om the angle of information asymmetry, the micro mechanism of the social capital ease enterprise's financing constraints: structure the indicators which reflect the information asymmetry degree of the capital supplier and demander,and directly test the relationship between social capital and information asymmetry; Add the relevant variables of information asymmetry to financing constraint model, separation information effect and resources effect of social capital to test whether both effect can alleviate the financing constraints and the relative impact. The main research conclusions of this paper are as follows: corporate social capital can effectively alleviate the financing constraints, and in the lower level of financial development mitigation effect is more apparent. Corporate social capital influence the financing constraints through information effect and resource effect, and the resource effect is the main effect.