董事网络关系、信息桥与投资趋同

发布时间：2018-06-15 06:04

本文选题：董事网络 + 信息传递　；参考：《南开管理评论》2017年03期

【摘要】：与以往社会网络研究大都基于公司个体视角不同,本文检验社会网络的公司间效应。结合董事直接连锁关系和间接连锁关系,利用对偶模型将所有公司进行两两配对,本文检验了董事连锁网络对公司间投资趋同的影响。结果发现,如果两个公司之间存在董事连锁网络关系,公司间的投资水平和投资变化都更加趋同,而且该趋同效应随着董事连锁网络的强度增加而加强;此外,公司的信息环境越差,对董事连锁网络关系这一非正式信息传递渠道的需求就越高,董事连锁网络关系对公司间投资趋同的作用越明显;进一步看,当两个公司处于同一行业时,董事连锁网络关系对公司间投资趋同的作用越明显;非独立董事连锁网络关系对公司间投资趋同的作用强于独立董事连锁网络关系。为控制潜在的内生性研究,本文还以董事死亡的外生事件作为自然实验进行了双重差分检验。结果显示,公司间的董事连锁网络成为政策制定信息的非正式获取渠道和重要信息桥梁,为"社会网络和公司财务"交叉研究提供了进一步的证据。
[Abstract]:This paper examines the inter-firm effect of social network, which is based on the view of individual company. Combined with direct linkage and indirect linkage of directors, all companies are paired by dual model. This paper examines the influence of director chain network on the convergence of inter-firm investment. The results show that if there is a director chain network relationship between the two companies, the investment level and investment change of the two companies will be more similar, and the convergence effect will be strengthened with the increase of the intensity of the director chain network. The worse the information environment of the company, the higher the demand for the informal information transmission channel of the director chain network relationship, and the more obvious the role of the director chain network relationship in the convergence of inter-company investment. When the two companies are in the same industry, the effect of the interfirm investment convergence is more obvious than that of the independent director chain network relationship, and the non-independent director chain network relationship has stronger effect on the inter-firm investment convergence than the independent director chain network relationship. In order to control the potential endogenous research, this paper also uses the exogenous event of director death as a natural experiment to carry out a double differential test. The results show that the intercompany director chain network becomes an informal access channel and an important information bridge for policy making information, which provides further evidence for the cross-study of "social network and corporate finance".
【作者单位】：中央财经大学会计学院;中央财经大学中国管理会计研究与发展中心;
【基金】：国家自然科学基金(71202126) 北京市会计类专业群(改革试点)建设项目资助
【分类号】：F271;F275

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