The Impact of Social Capital on Financing for Small and Micro-enterprises——Empirical Research Based on CMES
The problem of difficult and expensive financing for small and micro enterprises has existed for a long time.The article empirically tests the impact of social capital on formal and informal financing for small and micro enterprises based on data from the China Small and Micro Enterprises Survey(CMES).The results indicate that social capital can significantly improve the formal financing efficiency of enterprises,among which cognitive social capital has a significant impact on informal financing of enterprises.Therefore,suggestions for improving the financing efficiency of enterprises are proposed from two aspects:small and micro enterprises and the government.
small and micro enterprisessocial capitalenterprise financing
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