社会资本是否影响了上市家族企业过度投资?——基于社会资本理论和高阶理论相结合的视角

Does Social Capital Matter for Overinvestment of Listed Family Firms?Perspective of Social Capital Theory and Upper Echelons Theory

本文重点探讨了社会资本这一非正式制度因素对企业过度投资的影响,并将社会资本理论和高阶理论相结合,分析了管理者背景特征对社会资本影响过度投资的调节作用。利用国泰安数据库2008-2014年沪深A股上市家族企业数据发现:社会资本越丰富的地区,企业越容易产生过度投资。管理者不同的背景特征对社会资本存在不同程度的调节作用:管理者政治关联会弱化社会资本的影响,即政治关联和社会资本之间存在替代关系;管理者团队中女性高管比例增加及平均年龄提升都对社会资本产生负向调节作用;管理者受教育程度的调节效应并不显著。这些结论拓展了社会资本理论和高阶理论的相关研究,对于发挥社会资本的作用、改善管理层治理结构具有一定的启示意义。

From the perspective of informal institution, we study the impact of social capital on overinvestment. Then we link Social Capital Theory and Upper Echelons Theory conjunctly to study the moderating effect of the TMT background characteristics on social capital. Using the data of Chinese listed family firms from 2008 to 2014, we find that social capital increases overinvestment. Different TMT background characteristics have different moderating effects. The alternative relationship between social capital and political connections does exist ; With rising rates of female executives and ascension of the average age of TMT, overinvestment caused by social capital will be moderated. This thesis enriches relvant study on Social Capital Theory and Upper Echelons Theory, and provides new thoughts for exerting the functions of social capital and improving the governance structure.