Social capital can be viewed as networks thatenable the organization to function better,
while reputation of the organization can also be regarded as part of the firm’s social capital.
Exactly what constitutes social capital remains a challenge and there is still much work to
be done in this area. However, it is believed that social capital, in general terms, improves
the profitability of firms.
It should be noted here that social capital, ornetwork, cannot be necessarily assumed to
have a positive effect on the firm’s performance. Social capital measured in different ways
may have negative effects on the firm. For example, if the managers use his/her influence or
skills to reduce the competitiveness of the firm for the benefit of his/her own or competitors,
these managers clearly representnegativesocial capital of the firm. The owners of the firm
may be willing to pay or incur additional costs to get rid of them.b
In the traditional 本文来自!辣~文^文#网*原文请找腾讯@3249,114 , which can be viewed as a social network, should have
an important role in the financial performance of Chinese firms. We follow an approach
similar to that in Zhang and Fung (2006) and incorporate some variables that proxy for
social capital in our empirical analysis.
BO中的INFOVIEW目录和用户名密码怎么填写Because of underdeveloped financial markets inChina, the financial constraints of oper
ating a business enterprise are real and binding. It is not easy to borrow money from banks,
which are largely owned by the government and focus on lending to large state-owned
enterprises. The bulk of the funding for Chinese privatized firms listed on the exchanges
still comes from bank loans (Fung, Leung and Zhu, 2006). Thus, China is a bank-based
economy compared to the market-based US economy.
Venture capital in China is not easily accessible to small or medium-sized private firms.
Nor are there small business loans programs like those run and subsidized by the US gov
ernment (e.g., SBA loan programs) in China.As a result, private firms require capital for
expansion and growth. It seems obvious that equity capital of the private firms plays an
important role in the success of the business. As a result, financing capital is apparently a
critical input in the performance of these Chinese private firms.
Human capital is clearly important for private firms in any society. In the traditional
economic model of production function with capital and labor, the importance of human
capital is not undermined. In the current literature, human capital has been clearly viewed as
the key factor in the success of an organization.China has been in the process of transforming
from a socialist to a market-oriented economy; human capital is important in ensuring the
success of private firms, given the many hurdles and red tape to be overcome in operating a
business in China. Managerial skills are required and necessary to resolve issues related to
complicated rules and regulations and other market impediments (Child and Pleister, 2003;
Liang and Li, 2003).
Our survey results based on 2000 and 2002 data show that many Chinese entrepreneurs
are well-educated and over one-third of themhave college or advanced degrees. Many private
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