独立董事网络中心度与企业并购行为研究

Network Centrality of Independent Directors and M&A of Enterprises

本文以2004~2015年沪深A股上市公司为样本,利用社会网络分析方法,探究独立董事在网络框架下对企业并购行为的影响。研究结果表明:独立董事网络中心度越高,并购活动愈加频繁;其次,网络中心度越高的独立董事能够在并购过程中为公司提供更多地咨询建议与信息服务,因此,在并购活动之后公司能够取得更好的并购绩效。本文的结论丰富了社会网络、独立董事治理与企业并购的研究成果,为公司董事会构建以及优化并购行为提供经验证据。

We select Shanghai and Shenzhen A-share listed companies from 2004 to 2015 to explore the influence of independent directors on the behavior of M＆A in the network framework by using the social network analysis method. The results show that the degree of the independent director network position is higher and the M＆A activity is more frequent. At the same time, the network centrality of the independent director can provide more advice and information service for the company in the process of M＆A. Therefore, the company achieves better M＆A performance after the M＆A activity. The conclusion enriches the research of social network, independent director management and enterprise mergers and acquisitions, and provides empirical evidence for the construction of the board of directors and the optimization of M＆A behavior.