Research On The Impact Of Social Capital On Enterprise Value Creativity Based On Investment Efficiency

China’s economy has changed from a stage of high-speed development to a stage of high-quality development,which is a major judgment made by the 19th National Congress of the Communist Party of China.However,under the current grim situation,coupled with the increasingly prominent international contradictions,the development of China’s economy has been hindered by unprecedented obstacles,so it is imperative to enhance the overall competitiveness and ability to create value of Chinese enterprises.At present,China is in an important period of overall economic structure transformation and upgrading,as a relationship-oriented society,the ability of enterprises to obtain resources largely depends on the enterprise’s own social relationship network,social capital as a social network,norms and trust,while bringing rich resources to enterprises,will also bring positive effects on the long-term development of enterprises.Therefore,it is necessary to explore the impact of social capital on the development of Chinese enterprises.Based on the combing of domestic and foreign literature,this paper first defines the relevant concepts of social capital,investment efficiency and enterprise value creativity,and then selects all A-share listed companies from 2012 to 2021 as research samples based on information asymmetry,entrusted agency,financing constraints,resource base and value creation theory,through theoretical analysis,research hypotheses,variable selection,model construction,empirical analysis,robustness testing,testing for heterogeneity,etc.The study explores the influence of the level of social capital in a region on the value creativity of enterprises in the region,and the mediating effect between investment efficiency between the level of social capital and the value creativity of enterprises,and concludes that:(1)the higher the level of social capital in a region,the stronger the value creativity of enterprises in the region,especially for small and medium-sized enterprises;(2)social capital can improve the investment efficiency of enterprises,but only by curbing underinvestment;(3)Investment efficiency is an intermediary transmission path for social capital to enhance the value creativity of enterprises,but the transmission effect of investment efficiency is only achieved by alleviating the underinvestment.Finally,this paper puts forward policy suggestions from the two levels of government and enterprises to strengthen the cultivation of social capital level,improve enterprise investment efficiency and value creativity,and provide a basis and reference for the sustainable and stable development of Chinese enterprises.