Research On Social Capital Financing Path Of Small And Micro Enterprises In Fujian Province Based On Internet Footprint Under Financial Exclusion

Over the past 40 years of reform and opening up,the scale of small and micro enterprises has continued to expand,occupying an increasingly important economic position in China’s existing economic system.After experiencing the new crown pneumonia epidemic,small and micro enterprises in Fujian Province have faced a series of problems such as a sharp decline in market demand,insufficient orders,difficult financing,and expensive financing,and their healthy and sustainable development has been greatly impacted.In recent years,although the government and financial institutions have continuously increased their financial support for small and micro enterprises,which has eased the supply-side credit constraints of small and micro enterprises in the environment of financial exclusion,the problem of financing difficulties still exists.Information asymmetry causes prior adverse selection and post-event moral hazard,limited rationality and opportunism of transaction subjects,and causes financing difficulties for small and micro enterprises.Social capital can facilitate the flow of information more efficiently and increase the level of trust between people,thereby facilitating the financing of funds.The Internet platform provides borrowers and lenders with transaction facilitation services such as information communication,credit evaluation,and investment consultation,and has become an important financing channel for small and micro enterprises.Through a questionnaire survey of small and micro enterprises in Fujian Province,this paper distinguishes the structure,relationship and cognitive dimensions of social capital of small and micro enterprises,and adds the factor of Internet footprint to explore the way to break the financing dilemma of small and micro enterprises under financial exclusion.It is found that social capital can improve the availability of formal financing for small and micro enterprises and inhibit the availability of informal financing,and it is mainly structural capital and human cognitive capital that play a role in improving the availability of formal financing,while structural capital is mainly structural capital that inhibits the availability of informal financing.The study on the influence mechanism of financing availability shows that relational capital improves the availability of formal financing of enterprises by alleviating supply-side credit constraints,while the role of social capital in alleviating demand-side credit constraints is not significant.In addition,this paper also studies the impact of Internet footprint on social capital accumulation and the moderating role of Internet footprint in the financing availability of small and micro enterprises under financial exclusion,which can significantly increase the social capital of small and micro enterprises,and significantly promote the growth of social capital in all three dimensions.In the availability of formal financing for small and micro enterprises,the Internet footprint has a complementary relationship with social capital,that is,the Internet footprint can make up for the lack of social capital and improve the probability of formal financing availability for small and micro enterprises.Accordingly,from the perspectives of enterprises,government departments and financial institutions,suggestions are put forward to solve the financing problems of small and micro enterprises in Fujian Province under financial exclusion.The innovation points of this thesis are reflected in the following three aspects: first,based on the development status of small and micro enterprises in Fujian Province,this thesis studies the impact of social capital of small and micro enterprises in Fujian Province on the availability of financing,and fills the gap in the research on the use of social capital financing by small and micro enterprises in Fujian Province;Second,this thesis divides social capital into three dimensions and empirically tests the role of social capital in different dimensions on the availability of enterprise financing and alleviating credit constraints,which provides a reference for studying the specific mechanism of social capital and enterprise financing.Third,this thesis empirically concludes the complementary role of Internet footprint and social capital in promoting the availability of financing for small and micro enterprises,and the research finds that it is crucial to understand the impact of digital technology on social capital under financial exclusion,and puts forward insights to solve the financing dilemma of small and micro enterprises from the perspective of the Internet,which provides a new perspective for further research.