Analysis Of Enterprise Social Capital’s Influence On Financing Capability Under Different Degree Of Marketization

Corporate financing behavior directly acts like the monetary capital flows,but there is a deeper embodiment of social relations in it,which is a kind of social mechanism.In China,the theory of social capital can easily find the theory of prototype and basis as social relations play an important role in the allocation of resources.Therefore starting of research on the theory of social capital,with content of social relations and social network,the research on enterprise social capital can be very significant to improve Chinese characteristic financing theory.In addition,due to the marketization difference between regions in our country,further study on enterprise social capital’s influence on its financing ability level which concerning different degree of marketization can provides a new direction to explore the finance theory with Chinese characteristics.This paper introduces the research achievements of the social capital theory to our country enterprise financing theory,according to the theory of stakeholder theory and social network theory,it builds enterprise social capital index.Then through the mechanism analysis between corporate social capital and financing ability,it reveals the influence of the way.On the basis of theoretical research,this paper use data of Chinese listed companies from 2013 to 2015 for empirical testing.In addition,combining with the characteristics of the economic transformation of the system in China,with regional differences as the breakthrough point,it explore enterprise social capital’s influence on the financing ability under the different degree of marketization.Through theoretical analysis and empirical test,this paper found that enterprise social capital can alleviate the financing constraint problem of China’s enterprises,and strengthen enterprise’s debt financing ability,especially the ability of short-term debt financing.In view of different degree of marketization,with the introduction of HLM layered model,the result shows that low marketization degree can weaken the influence between enterprise social capital and its financing ability.Main innovation of this article include compared with the existing literature this paper creates an more operability and practicability social capital index,moreover this article in view of the regional marketization degree into the HLM layered model,try to solve the problem across the level,which are more scientific basis for the research method.