信用危机中,社会资本失效了吗?——基于温州中小企业自组织协作融资案例

Does Social Capital Fail in Credit Crisis?——A Case Study of Self-organizing Financing Coalition of SMEs in Wenzhou

温州民间借贷危机引发了信用危机后,温州中小企业面临贷款难、银行续贷难、过桥资金难"三因素"难题。这场危机肇始于基于社会资本的民间借贷的盲目扩大化,社会资本在融资中的作用受到质疑。温州市永嘉县桥下镇11家企业基于社会资本,以自组织协作融资的方式,先后解决"三因素"难题,渡过信用危机,实现逆势增长,凸显了社会资本的积极作用。通过比较发现,社会资本的信息机制与替代机制发挥作用的范围变化,社会资本的角色也随之改变。据此,在产业前景良好且形成产业集群的地区,地方政府可以鼓励企业合理调动社会资本开展协作融资,使其信息机制作用于开放网络,替代机制作用于封闭网络,以缓解信用危机下中小企业融资难的问题。

In recent years SMEs in Wenzhou have been confronted with enormous difficulties in financing under the credit crisis triggered by chaos in the informal financial market.The crisis roots from the excess expansion of private credit based on social capital and as a result,the role of social capital in financing is doubted.Under such circumstances,11 SMEs in Qiaoxia Town,Wenzhou,established a financing coalition based on social capital and successfully solved the financing problems.This case highlighted the positive impact of social capital.Comparative analysis demonstrates that the information mechanism and the substitution mechanism is critical for the function of social capital,with the information mechanism working in the open networks and the substitution mechanism in closed netwoorks.In order to ease SMEs' financing problem under the credit crisis,local governments should encourage SMEs within some promising industrial cluster to establish financing coalitions based on social capital.