董事网络影响股价崩盘风险吗?——基于中国A股上市公司的经验证据

Does Director Network Affect Stock Price Crash Risk?——Empirical Evidence Based on China's A-stock Listed Companies

董事网络是影响公司董事履职的重要因素,其对董事治理效果的影响备受关注。以2007—2015年中国A股上市公司为样本,研究对象为公司董事,从董事网络与董事类型双重视角出发,考察了不同类型董事的网络中心度对股价崩盘风险影响的差异。研究表明:公司董事的网络中心度越高,越能降低股价崩盘的风险,这种现象在非独立董事组显著,而独立董事组不显著。进一步研究发现,在低市场化程度组中,公司非独立董事的网络中心度越高越能降低股价崩盘风险,而高市场化程度组的则不显著。综合研究结论,董事网络是影响董事履职的重要因素,这种影响随董事类型差异和公司所处的市场化程度差异而不同。

The director network is an important factor influencing the performance of directors in a company,and its influence on the effect of director governance has aroused great concern. This paper takes the listed companies on China＇s A-stock market during the years from 2007 to 2015 as sample,and the research object is the directors in a company. From the dual perspective of both board network and director type,this paper investigates the difference in the impacts of network center degree on the risk of stock price crash under different types of directors. The study shows that the higher the degree of network center,the more the risk will be reduced for stock price crash,which is significant in the group of non-independent directors but insignificant in the group of independent directors. Further research finds that the network center is negatively correlated with the risk of stock price crash in the group of non-independent directors with low degree of marketization,but not significant with high degree of marketization. To sum up the research conclusion,this paper asserts that board network is an important factor influencing directors＇ performance,the impact of which varies with the difference in directors＇ type and the degree of marketization in a company.