Research On The Path Of Social Capital's Influence On Corporate Financing Behavior

With the rapid development of the Internet and the increasing social nature of enterprises,social capital has been introduced into the field of corporate finance as an important factor.However,existing research shows that the impact of social capital on corporate financing behavior has both positive and negative effects.First,social capital can strengthen soft information transmission between enterprises,weaken information asymmetry among enterprises,enhance corporate reputation,enhance trust among enterprises,form cooperation within social networks,and reduce the risk of default of enterprises;second,social capital will also Negative effects,such as the lock-in effect of corporate finance,limit the internal resources of the enterprise.So,why does social capital have an impact on corporate financing behavior? How does it affect corporate financing behavior? What is its path and mechanism? The theoretical community did not give a clear answer.Based on this,based on the literature research on social capital and corporate financing behavior,this paper reviews and summarizes the definition of social capital in the past research,the positive and negative impact of social capital on corporate financing behavior,and the social capital's financing behavior.The impact mechanism,and from three aspects,the Dongda Mongolian Group and the Ordos Group for the study of the two cases of comparative analysis.It is found that social capital influences corporate financing behavior through social networks,inter-firm trust,and social norms,and proposes suggestions for optimizing social networks,strengthening inter-firm trust,and strengthening social norms.Finally,based on the practical implications of the case to help companies to better use social capital.