独立董事、资源支持与企业边界连结:由上市家族公司生发

Independent Directors,Resource Support and Linkage of Enterprise Boundary:Extension from the Listed Family Firms

独立董事是连接企业边界内外的社会桥,是家族企业获得外部资源支持的重要渠道,其资源吸纳能力与社会桥的网络结构密切相关。鉴于公司研发投入与公司社会资本吸纳间存在着相关关系,在将独立董事社会桥划分为网络规模、网络构成和网络密度三个刻画维度后,讨论了其对上市家族公司开发支出的影响。实证结果显示,独立董事社会桥的网络构成与公司开发支出显著相关。独立董事占据的结构洞越多,公司越倾向于加大研发投入。同时,网络密度也是影响开发支出的显著变量,密切的交往有助于社会资本的吸纳。

Independent directors are the social bridge for family firm to acquire the extra-family resource dependence, and their resource absorption capacity is closely related to the network structure of the social bridge. After dividing the independent directors＇ social bridge structure into three dimensions-network scale, network composition and network density, this author discusses the influence of the listed family firm＇s development expenditures made by independent directors. The empirical results show that network structure and network density of the independent directors＇ social bridge has significant correlation with family firm＇s development expenditures. More leaks of independent directors, more investment into R＆D the firm given. Besides, network density is the correlated variables influencing development expenditures, and close social association is benefit to absorb social capital.