股东关系网络与企业创新

Shareholder Link Network and Corporate Innovation

现有公司财务领域的研究并未就社会网络的影响机理达成共识。具体而言,现有研究并没有刻意区分“强关系”和“弱关系”,以致在理解社会网络时存在偏差。本文利用2007—2016年的A股上市公司数据,以股东关系网络为新视角,基于社会网络与企业创新的老问题,重新检验社会网络的影响机理,意图在解释社会网络影响机理时形成一个统一的理论框架。具体而言,本文主要理清了如下问题:(1)不同网络的影响机理可能完全不一样,而股东关系网络作为一个很重要的网络却被现有研究忽视;(2)社会网络影响机理的差异并非源自不同网络,而是源自网络的特性,即该网络的性质为“强关系”抑或“弱关系”;(3)社会网络的结构并不能完全解释网络的性质,还要具体分析网络的构成,即要考虑网络构成的异质性问题。本研究弥补了现有社会网络研究在解释影响机理上的不足。

Scholars in corporate finance do not have consensus in the influence mechanism of the social network.Specifically,existing research does not deliberately distinguish between"Strong Ties"and"Weak Ties",so that there is a bias in understanding social net-works.This study uses a dataset of Chinese listed firms spanning 2007-2016,takes the shareholder link network as a new perspective,re-examines the influence mechanism of social networks based on the old problem of social network and enterprise innovation,and intends to form a unified theoretical framework when interpreting social network influence mechanisms.Specifically,we mainly clarified the following issues:(1)The influence mechanism of different networks may be completely different,and the shareholder link network as an important network has been ignored by existing research;(2)The difference in the influence mechanism of social networks does not originate from different networks,but from the nature of the network,that is,the nature of the network is"Strong Ties"or"Weak Ties";(3)The structure of the social network does not fully explain the nature of the network,so it is necessary to analyze the composition of the network in detail,that is,to consider the heterogeneity of the network composition.This study complements existing social network research in explaining the mechanism of influence.