连锁董事网络、社会资本与企业投资效率——来自A股上市公司的经验证据

Interlocking directorate network,social capital and enterprise investment efficiency:evidence from a share stock market of China

连锁董事网络中承载着不同层次的社会资本,影响着企业的投资决策行为。以上市公司2007—2013年度数据为样本,实证分析了连锁董事网络中的连锁董事个人社会资本、企业组织社会资本对企业投资效率的影响。结果表明:连锁董事网络中的连锁董事个人社会资本、企业组织社会资本均与企业投资偏离度呈负相关关系,说明作为社会资本的连锁董事网络能够有效减少企业的非效率投资。进一步的分析表明连锁董事网络结构位置对连锁董事社会资本与企业非效率投资之间的关系具有正向调节效应,这可能是由于连锁董事网络的嵌入成本效应、钝化效应和连带寻租所致。这为我国市场发展深化时期企业的关系平台构建行为提供了有益的决策参考。

The interlocking directorate network carries various levels of social capital,which influences the investment decisionmaking behavior of enterprises. Using the data of listed companies during 2007—2013,this paper empirically analyses the effect of interlocking directorates＇ personal social capital and enterprise organizational capital on enterprise investment efficiency. It shows that the personal social capital and the enterprise organization capital of the interlocking directorate network have negative correlation with the investment deviation degree of the enterprise,which means that interlocking directorate network can effectively reduce the non-efficiency investment of the enterprise as social capital. Further analysis shows that the network structure position of interlocking directorates has a positive regulatory effect on the relationship between social capital and inefficient enterprise investment. This may be due to the embedded cost effect,passivation effect and joint rent-seeking effect of interlocking directorate network. This research provides a useful reference for the construction of social capital platform during the period of deepening market development in China.