{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,12]],"date-time":"2026-01-12T22:27:37Z","timestamp":1768256857150,"version":"3.49.0"},"reference-count":66,"publisher":"Emerald","issue":"9","license":[{"start":{"date-parts":[[2022,3,29]],"date-time":"2022-03-29T00:00:00Z","timestamp":1648512000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["K"],"published-print":{"date-parts":[[2023,9,25]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>How to realize social capital \u201cexit from virtual to real\u201d has become not only a hot issue that elicited economists' and the practice field's concern but also a key economic structure problem that the government has to solve urgently. The main purpose of this study is to explore effective methods for social capital to \u201cexit from virtual to real\u201d.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>The study investigates the realization path of social capital's \u201cexit from virtual to real\u201d by using firm theory and data from the National Bureau of Statistics in China. Provincial panel data are also utilized to empirically test the impact of social capital's de-realization to virtual (or from virtual to real) on economic development and whether the path of social capital \u201cfrom virtual to real\u201d is valid.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>This study analyzes the development status of social funds serving the real economy and the hazards of social funds' \u201cexit from real to virtual,\u201d which are mainly viewed as eroding the development of the real economy and causing operating difficulties. On the basis of firm theory, the internal motivation for why social funds flow to the real economy is explored from the perspectives of the needs of the real economy, price and profit. Moreover, this study designs a path for returning social capital to the real economy.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title><jats:p>Overall, expanding aggregate demand while providing an effective supply and implementing a proactive fiscal policy that focuses on structural tax cuts while keeping margins in the virtual economy are appropriate for promoting the competitiveness of the real economy.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>This study explores a topic, namely, social capital \u201cexit from virtual to real,\u201d that has received little attention. It provides an in-depth discussion of the following questions. (1) What is the current situation of social capital serving the real economy? (2) What kind of harm can social capital bring to society? What are the inherent barriers to the flow of social capital to the real economy? (3) At this stage, how can the effective transformation of social capital into the real economy be realized? The findings help in understanding the sustainable entrepreneurship concept, particularly in developing countries.<\/jats:p><\/jats:sec>","DOI":"10.1108\/k-08-2021-0766","type":"journal-article","created":{"date-parts":[[2022,3,28]],"date-time":"2022-03-28T07:08:16Z","timestamp":1648451296000},"page":"3519-3549","source":"Crossref","is-referenced-by-count":2,"title":["Realization path of social capital \u201cexit from virtual to real\u201d: evidence\u00a0from China"],"prefix":"10.1108","volume":"52","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-1018-3213","authenticated-orcid":false,"given":"Shulin","family":"Xu","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1510-6698","authenticated-orcid":false,"given":"Xue","family":"Wan","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-0795-4766","authenticated-orcid":false,"given":"Yunfeng","family":"Li","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8033-4091","authenticated-orcid":false,"given":"Jingrui","family":"Yan","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2022,3,29]]},"reference":[{"issue":"1","key":"key2023092503024254800_ref001","doi-asserted-by":"crossref","first-page":"144","DOI":"10.1111\/j.1467-8268.2006.00136.x","article-title":"Stock market development and economic growth: the case of selected African countries","volume":"18","year":"2006","journal-title":"African Development Review"},{"issue":"5","key":"key2023092503024254800_ref003","doi-asserted-by":"crossref","first-page":"544","DOI":"10.1016\/j.euroecorev.2008.10.001","article-title":"Social capital, innovation, and growth: evidence from Europe","volume":"53","year":"2009","journal-title":"European Economic Review"},{"issue":"3","key":"key2023092503024254800_ref002","doi-asserted-by":"crossref","first-page":"243","DOI":"10.30541\/v41i3pp.243-254","article-title":"The determinants of private fixed investment and the relationship between public and private capital accumulation in Turkey","volume":"41","year":"2002","journal-title":"Pakistan Development Review"},{"issue":"1","key":"key2023092503024254800_ref004","doi-asserted-by":"crossref","first-page":"89","DOI":"10.1016\/S0022-1996(03)00081-3","article-title":"FDI and economic growth: the role of local financial markets","volume":"64","year":"2004","journal-title":"Journal of International Economics"},{"key":"key2023092503024254800_ref005","doi-asserted-by":"crossref","first-page":"389","DOI":"10.1016\/j.jinteco.2018.08.004","article-title":"Does economic structure determine financial structure?","volume":"114","year":"2018","journal-title":"Journal of International Economics"},{"issue":"2","key":"key2023092503024254800_ref006","doi-asserted-by":"crossref","first-page":"525","DOI":"10.1086\/696272","article-title":"How much do idiosyncratic bank shocks affect investment? 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