The Different Effects of Social Capital on Corporate Performance in China: An Empesirical Analysis

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This article examines the effect of social capital on corporate performance. The empirical data is composed of 101 listing companies in the People's Republic of China. We found that corporate social capital has significant effects on its market performance. However, there is no evidence shows that social capital has significant impacts on corporate financial performance. We also found that the impact of social capital on market performance of non-SOEs is stronger than that of SOEs. Key words: Social capital, corporate performance, listing company, China. Resume: Cet essai examine les effets du capital social sur la performance de l’entreprise. Les donnees empiriques sont composees de 101 entreprises de la Republique Populaire de Chine. Nous trouvons que le capital social collectif exerce des effets signifiants sur leur performance de marche. Cependant, il n’y a pas d’evidence qui montre que le capital social produit des effets signifiants sur la performance financiere de l’entreprise. Nous trouvons aussi que l’influence du capital social sur la performance de marche des entreprises privees s’avere plus forte que sur les entreprises d’Etat. Mots-Cles: capital social, performance de l’entreprise, entreprises, Chine