Heterogeneous Social Capital,Environment Uncertainty And Corporate Debt Maturity Structure

Chinese private economy has played an important role in the national economy. However,due to Chinese market economy development level, legal environment and social mechanism,Chinese private companies have been restricted in finance by all kinds of degree. Improving the debt financing environment of private enterprises and selecting the reasonable structure of debt maturity have become an urgent need to solve the problem. Although enterprise financing behavior on the surface is a kind of monetary fund movement, essentially embodies is a kind of social relationship, as well as the ability to rely on the relationship to obtain scarce resources for financing. Social capital as a kind of informal institution to solve the problem of corporate debt financing provides a new research perspective. The background of the transform of our economic regime results the coexistence of two kinds of resource allocation system in our country's economy: one is planned economy, achieving the allocation of resources by government departments; the other is dominated by market-economy, through fair competition in the market to realize the resource allocation. Two kinds of resources system cause heterogeneous social capital in properties, function and utility within the enterprise: privileged social capital and market-oriented social capital.This paper reviews the relevant academic research results, based on the theories of the agency cost theory, the relationship between capital theory, resource dependency theory, and information asymmetry theory, takes the enterprise's heterogeneous social capital as the breakthrough point, and take the private listed companies in Shanghai and Shenzhen stock exchange from 2010 to 2014 in our country as the research samples. Then this paper empirically analyses the influence of heterogeneous social capital, environmental uncertainty on corporate debt maturity structure and the influence of heterogeneous social capital on corporate debt maturity structure under the different degree of environmental uncertainty. The study found that:First, the heterogeneous social capital influence differently on corporate debt maturity structure. Privileged social capital is related to enterprise's debt financing time limit.Enterprise with more abundant privileged social capital will have more long-term liabilities.Market-oriented social capital is negatively related to the enterprise's debt financing.Enterprise with more abundant market-oriented social capital will have more short-termliabilities. Second, environmental uncertainty affects the enterprise's debt maturity structure.The higher degree of environmental uncertainty, the enterprise will be more inclined to issue long-term debt. Third, social capital in heterogeneous environment uncertainty impact on corporate debt maturity structure is inconsistent. Under the circumstances of high environmental uncertainty, the impact of privileged social capita on corporate debt maturity structure is stronger; under the circumstances of low environmental uncertainty,market-oriented social capital impact more strongly on corporate debt financing.Finally, on the basis of the research conclusion, several pertinent opinions and suggestions are provided for private entrepreneurs and relevant government departments.