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Corporate social capital impact on the study of corporate debt financing

Author: PengLiuXin
Tutor: ZhangXiZhen
School: Central South University
Course: Technology Economics and Management
Keywords: corporate social capital debt financing scale debt maturitystructure institutional environment
CLC: F272
Type: Master's thesis
Year: 2012
Downloads: 117
Quote: 0
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Abstract


Debt financing as one of the leading corporate finance, is important for corporate development and governance. However, factors affecting corporate debt financing for research scholars have more of a formal system of economic factors and to explore factors, few scholars from the informal system of environmental factors to explore. In fact, for any business, its economic behavior is always embedded in social network relations, is bound to be trust, relationships, norms and other informal regime. Therefore, from the perspective of social embeddedness, studies of informal institutional factors impact on corporate debt financing is very important and necessary.This article draws on existing research results, the first analysis of corporate social capital of the three constituent elements of the impact of corporate debt financing mechanism to build on this basis, a factor of social capital into the credit rationing model to analyze social capital size and maturity structure of debt financing the impact effects. Then, in2007to2010in Shanghai and Shenzhen Stock Exchange A-share listed real estate companies as a sample of corporate social capital and corporate debt maturity structure of debt financing and the size of the relationship between an empirical test, the following conclusions:(1) corporate social capital affect the company’s debt financing capacity, and poor in the formal institutional environment that affect the more significant areas. This shows that the formal system of backward conditions, social capital can be used as an alternative, informal mechanisms to help companies obtain the necessary debt financing of its development.(2) corporate social capital impact of corporate debt maturity structure is an important factor in corporate social capital more and more enterprises, the higher short-term debt ratio, and the institutional environment in poor areas, this effect is more pronounced. This shows that the protection of creditors, long-term debt contracts implement a formal system dependent, so much social capital tend to provide short-term corporate debt financing rather than long-term debt financing, but also shows that our overall low level of social capital, resulting in not perfect for the formal legal system, the substitution effect is weak.

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