董事网络、公司中心度与投资效率

Board Network,Firm Centrality and Investment Efficiency

本文使用2000—2013年沪深A股的董事会数据,借鉴社会网络研究方法,构建上市公司的董事网络,探索公司的董事网络与投资效率的关系。研究发现,公司在董事网络中的中心度越高,投资效率越高。结合地区市场化进一步分析发现,市场化程度低的地区,连锁董事网络对投资效率的促进作用越显著。同时,两者的相关关系主要体现在国有企业中,在非国有企业中不显著。本文的研究不仅丰富连锁董事的研究,并且验证了在市场的正式制度不够完善的情况下,公司的社会网络是一种重要的资源配置方式。

Based on the social network theory,this paper explores the relationship between the centrality of the listed firm and investment efficiency. With the board data from 2000 to 2013,it is found that firm centrality is positively associated with investment efficiency. Furthermore,the level of marketization in China is negatively related to the investment efficiency which supports the argument that the informal director network helps to improve investment efficiency when the formal institutional mechanism is not well developed. Meanwhile,this association is significant only in SOE,but not in the non-SOE. This paper may contribute to the investment efficiency research and the social network literature.