西部上市公司连锁董事网络特征及其债务融资影响分析

发布时间：2018-09-12 16:34

【摘要】：中国市场化改革是一个渐进的过程，两种分配方式还将长时间交叠，社会资源的分配方式由国家行政权力分配转向由市场机制调节分配，但是我国的市场机制并不完善。企业间连锁董事关系网络是一种非制度性约束，在特殊时期，起到了填补现有制度存在漏洞的作用。企业对发展所需的各种资源迫切需要，内部不能满足，就要向外部寻求。资金是否到位决定企业生死，企业是否能获得足够的资金对企业发展起着无与伦比的作用。国内、外企业形成与发展规律告诉我们：企业必定会受到外在环境的影响，但这还未引起国内学术界对社会关系网络影响的高度重视，继而产生对连锁董事对企业债务融资能力的影响的研究的严重不足的现状。综上所述，本文在回顾连锁董事相关国内、国外文献，以及当前学术界对连锁董事的研究结论的基础上，选取西部地区各省（自治区）2013年董事网络数据，运用“图论法”及“指标分析法”分析西部上市公司连锁董事的网络特征以及跨区分布特征，并以资源依赖理论为支撑，就企业的融资能力在董事网络影响下的研究。研究发现：新疆维吾尔自治区、陕西省、甘肃省、宁夏回族自治区和青海省形从连锁董事网络中获得资源的能力、其他企业受到影响递减，债务融资能力也递减。具体到各省区连锁董事网络来说，各省区网络中心企业利用连锁董事网络获取社会资本的能力较强，这些企业的融资能力也较强。另外，，网络地域特征明显。各省（自治区）呈现内部连结紧密，各省（自治区）之间的联系不紧密。以亲属、同乡为核心的信用效应既是企业利用关系网络进行债务融资的前提保证，又可以使得资金的集聚和流动效应得到放大，使企业的债务融资能力增强。
[Abstract]:China's market-oriented reform is a gradual process, the two ways of distribution will also overlap for a long time, the distribution of social resources from the distribution of state administrative power to the distribution by the market mechanism, but the market mechanism in China is not perfect. Interfirm interlocking director relationship network is a kind of non-institutional constraint. In a special period, it can fill in the loopholes of the existing system. Enterprises need a variety of resources for development, internal can not be satisfied, we must seek external. Whether the capital is in place determines the life and death of the enterprise, and whether the enterprise can get enough funds plays an unparalleled role in the development of the enterprise. The law of the formation and development of domestic and foreign enterprises tells us that enterprises are bound to be influenced by the external environment, but this has not caused the domestic academic circles to attach great importance to the influence of social relations networks. Then there is a serious lack of research on the impact of chain directors on corporate debt financing capacity. To sum up, based on the review of domestic and foreign literature on chain directors and the current academic conclusions on chain directors, this paper selects the 2013 directors' network data of western provinces (autonomous regions). By means of graph theory method and index analysis method, this paper analyzes the network characteristics and cross-regional distribution characteristics of the chain directors of western listed companies, and studies the financing ability of enterprises under the influence of the directors' network based on the theory of resource dependence. It is found that the ability of Xinjiang Uygur Autonomous region, Shaanxi Province, Gansu Province, Ningxia Hui Autonomous region and Qinghai Province to obtain resources from the chain director network, and other enterprises to be affected decline, debt financing ability also decline. As to the interlocking director network of each province and district, the ability of using the network to obtain social capital is stronger, and the financing ability of these enterprises is also strong. In addition, the characteristics of the network region is obvious. Provinces (autonomous regions) show close internal links, provinces (autonomous regions) between the links are not close. The credit effect, which takes relatives and fellow townships as the core, is not only the precondition for enterprises to make use of the relationship network for debt financing, but also for the agglomeration and flow effect of funds to be magnified, and the debt financing ability of enterprises can be enhanced.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F275

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