Research On SMEs’ Financing Efficiency In Our Country From The Social Capital Perspective

In recent years,with the development of economic globalization and the further revolution of science and technology,the SMEs in the world have developed rapidly and become an important force to promote the development of the economy.In both developed and developing coutries,the SMEs have played very important role in promoting the economic development and social stability such as creating value,optimizing the industrial structure,increasing employment opportunity and facilitate people’s life.However,difficulties in financing and the low financing efficiency have become "bottleneck factor"which restricts the SMEs’ development.Through a lot of literature review we found that it is difficult for SMEs to raise funds in the capital markets because of its small-scale,poor profitability,low transparency of information,the main source of funding for them is bank borrowings.Banks and other financial institutions based on their own benefit maximization consideration,not willing to put money loans to SMEs with low information transparency.Therefore,based on the characteristics of SMEs in China,it is necessary to study how to reduce the degree of information asymmetry between SMEs and banks,which is the basic idea to solve the financing problems of SMEs.From the starting point of reducing the degree of information asymmetry between SMEs and banks,this paper studys the special role of social capital in SMEs’ financing efficiency,and analyzes the executives background characteristics on enterprises’ financing efficiency influence.This article collects basic information on SMEs,social capital as well as SMEs’financing efficiency in the way of a questionnaire,social capital is measured by three aspects of structural dimension,relational dimension and cognitive dimension measurement,enterprises’ financing efficiency information is represented by three indexes of raiseing efficiency and allocative efficiency and reraiseing efficiency.The results showed that:(1)There is a significant positive correlation between the relational dimension and cognitive dimension of social capital and corporate raiseing efficiency;there is a significant positive correlation between the relational dimension of social capital and raiseing efficiency and the allocative efficiency;structure dimension of social capital on raiseing efficiency and the allocatic efficiency exist no significant relationship.(2)There is a significant positive correlation between reraiseing efficiency and relational dimension,raiseing efficiency,allocative efficiency.But the singnificant positive correlation between reraiseing efficiency and allocative efficiency,raiseing efficiency by the way of cross terms of relational dimension and conitive dimention to present.(3)There has no a significant positive correlation between structural dimension and the finacing efficiency of SMEs.According to the above conclusions,the paper argues that:To solve the financing problems of SMEs,we can not only rely on the two aspects of the financial institutions and government policies,we must actively study the special role of social capital in the SMEs financing,based on the characteristics of SMEs to exaggerate the influence.