Research On The Influence Of Directors' Network On The Management Efficiency Of Corporate Working Capital Under The Background Of Financing Constraints

Under the background of the new economy,various new industries,new business models,and new models have been continuously derived and changed.Enterprises have been unable to avoid the risks caused by various uncertainties and intensify market competition.With the increasingly blurred corporate borders,the resources that companies can expand and integrate are diverse,and all elements that can contribute value to the enterprise can be fully utilized.This includes the company's internal and external resources.The integration and application of external resources has always been the “black box” for the creation of corporate value.It is of great significance to clarify the ways in which external resources are used,and in what way to achieve the bridging,complementarity,and penetration of internal and external resources,and to increase the efficiency of resource use and create value.Working capital,as the "blood" of business operations,cannot be ignored for the development of the company.If the company's working capital cannot be used properly,it will be difficult for the company to continue its healthy development.In order to maintain the continuity of the corporate capital chain and to ensure its survival and development,it is necessary to improve the management capabilities of working capital.How to make effective use of internal and external resources of enterprises,expand the boundaries of the use of resources by enterprises,break through the constraints of limited resources,and create heterogeneous resources and competitive advantages that competitors can not emulate is a difficult problem facing the management of working capital.The network can realize the effects of saving transaction costs,reducing uncertainty,achieving external economies of scale and knowledge sharing,making full use of the company's social network resources,and promoting the improvement of operating fund management efficiency as an effective way.This article explores Porter's competitive advantage theory,social network theory,and systemic learning from working capital management theory to explore the position and characteristics of start-up companies in their network of directors under the current social environment,and then according to start-up companies.The key features of the directors' network network structure are to explore the relationship between the director network relationship and the working capital management efficiency of the startup company.At the same time,the financing constraint theory and the social network theory are combined to study the financing constraints in the director network relationship to the entrepreneurial enterprise operation.The role of efficiency in the management of funds.This paper empirically examines the relationship between the director network and working capital management efficiency under the financing constraint scenario.The data source has two parts: the part-time data of directors of 690 GEM companies in Guotai'an and the management efficiency and financing constraints of the working capital of GEM companies in the Flushing Database.data.Through these two data,under the background of financing constraints,the positive impact of the structural hole richness of the entrepreneurial company's director network on the efficiency of working capital management was verified.The results show that: the network structure of directors is richer,and the corporate procurement,production,and wealth management channels are operating funds.The higher the management efficiency,the greater the degree of structural holes in the network of corporate directors with large degree of influence on the management efficiency of the working capital of the procurement channel.