Corporate Social Capital,Financing Constraints And Total Factor Productivity

China’s economy has entered a high-quality development stage,and the economic growth mode relying on factor investment is unsustainable under the background of the new era.Enterprises are the micro foundation of macro-economy.Improving the total factor productivity of enterprises and improving the development quality of enterprises are very important to improve the overall development quality of China’s economy.Corporate social capital can reflect the establishment of good relations with all parties.Enhance the level of corporate social capital plays a positive role in obtaining scarce resources and improving the efficiency of resource allocation under the market economy.Therefore,this paper explores the relationship between corporate social capital and total factor productivity.From the perspective of enterprise social capital,this paper reveals the realization path of improving enterprise total factor productivity.This is of great significance for enterprises to optimize resource allocation and achieve high-quality development,and also for improving the quality of national macroeconomic development.Using the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2019,this paper brings the enterprise social capital index constructed based on the coefficient of variation method and the enterprise total factor productivity index calculated by LP method into the measurement model to explore the relationship between enterprise social capital and enterprise total factor productivity.The results show that corporate social capital plays a positive role in improving total factor productivity;Financing constraints play an intermediary role in this process;The intermediary role of financing constraints only exists in non-state-owned enterprises and enterprises in industries with low profit margins.The research conclusion of this paper not only further enriches the relevant research on the economic consequences of enterprise social capital and the influencing factors of enterprise total factor productivity,deepens the understanding of the relationship between corporate social capital,financing constraints and total factor productivity,but also has a certain reference value for enterprises to improve the quality of enterprise development by improving the level of social capital.