高管连锁网络对企业信用评级的影响研究——基于A股上市公司的经验分析

Research on the Influence of Executive Interlock Network on Corporate Credit Rating——Evidence from A-share Listed Companies in China

本文以2010-2019年进行信用评级的A股上市公司为研究样本,实证检验了高管连锁网络与企业信用评级之间的关系。研究发现高管连锁网络具有一定的信用保证作用,企业在高管连锁网络的中心度越高,企业的信用评级也越高。在有形资产较少的企业中,高管连锁网络体现的担保作用会更强,对企业信用评级的促进作用也会更加显著。进一步研究发现,在企业信息质量较低时评级机构会更加注重对于隐性企业信用风险因素的探索,因此高管连锁网络与企业信用评级之间的正向关系会更加显著。

This paper empirically tests the relationship between executive interlock network and corporate credit rating in a sample of A-share listed companies which have corporate credit rating during the period 2010-2019.The results show that execu⁃tive interlock network has a certain role in credit guarantee,the higher firm centrality,the higher the credit rating of the enterprise.In the enterprises with less tangible assets,the executive interlock network will have a stronger guarantee effect,so the promotion effect of the executive interlock network on the corporate credit rating will be more significant.Further research shows that when cor⁃porate information quality is low,rating agencies will pay more attention to the exploration of hidden corporate credit risk factors,so the positive relationship between executive interlock network and corporate credit rating will be more significant.