Research On The Influence Of Social Capital On Financing Behavior Of High-tech Enterprises

The development of high-tech industry is the strategic choice of China's future economic development,which will not only help China to enhance the capability of independent innovation and the content of science and technology in economic development,but also help China to speed up industrial restructuring,stabilize economic growth and cultivate national economy The development of new forces,fundamentally solve the financial crisis left by the development of China's sustained economic development goals,however,nurturing high-tech enterprises not only need new technology development,but also need the strong support of funds.Because most of our high-tech enterprises are still in the early stage of development,the development potential is not recognized,it is difficult to attract investors,capital problems become the main reason for restricting the development of high-tech enterprises.High-tech enterprises in the process of business activities,and gradually formed a complex network of relationships in this relationship between enterprises and members of the community to reach a certain consensus and consistent with the code of conduct,based on trust,in the social relations network Access to key resources,and promote the smooth conduct of business transactions.Under normal circumstances,the company's trading activities based on the relationship of trust,if there is no trust,trading activities will be greatly limited,in addition,the enterprise's social network will help enterprises to obtain key resources,but also help the smooth progress of the transaction.So how does the social network and trust affect the economic activities of the enterprise? How can an enterprise in the early stages of development develop a network of social relations and trust to promote access to resources? What is the mechanism of the impact of social capital on corporate finance behavior? This paper attempts to introduce the concept of social capital into the field of economics to study the impact of social capital on the financing behavior of high-tech enterprises,summed up the basic characteristics of social capital,in-depth study of the impact of social capital on corporate financing behavior mechanism,Which is helpful to explore the development level and operation law of social capital of high-tech enterprises in our country at present.It is of great significance for high-tech enterprises to strengthen their own financing network and solve the problem of enterprise funds.This paper summarizes the core concepts of social capital and corporate finance behavior,summarizes the characteristics of corporate social capital,discusses the mechanism of social capital on the impact of corporate finance behavior,and analyzes the development and financing behavior of high-tech enterprises in China Based on the previous theory,the paper constructs the social capital index of the enterprise,selects the sample data of the high-tech enterprise,estimates the present situation and the development trend of the social capital of the high-tech enterprise in our country,establishes the measurement model,analyzes the social capital's choice of the high-tech enterprise financing mode,And the impact of the debt maturity structure.The research found that:(1)corporate social capital presents a more complex content structure,with social,productive,embedded and accumulated characteristics,the basic elements of the relationship network,trust and social norms of the form of these three elements To help enterprises to accumulate a good reputation and access to key resources,thereby reducing business transaction costs and reduce business risk.(2)At present,China's high-tech enterprises in the regional structure of a serious imbalance between the larger differences between enterprises,smaller,the overall show "small weak" phenomenon.As the enterprise is knowledge-intensive and technology-intensive features,corporate financing needs,but for high-tech enterprises financing system is not perfect,corporate research funding is mainly dependent on its own funds and government subsidies.(3)the difference between the social capital level between the high-tech enterprises is very obvious,the overall development is relatively stagnant,in or will be in a relatively stable and low state.(4)The development of enterprise social capital has a positive impact on the financing behavior of high-tech enterprises in China.First of all,the financing order of high-tech enterprises as a whole to follow the endogenous financing,debt financing,equity financing,higher social capital enterprises,the higher the possibility of choice of debt financing;Secondly,high-tech enterprises of social capital and corporate capital structure Finally,the improvement of corporate social capital,the advantage of high-tech enterprises to obtain debt funds is mainly reflected in the short-term debt funds,the ability to obtain long-term debt capacity,and the ability to obtain long-term debt And did not help.