董事网络位置、社会信任与企业风险承担

Directors’Network Position,Social Trust and Corporate Risk-taking

利用社会网络分析技术,以2007~2019年沪深股市A股的上市公司为样本,检验董事网络位置对企业风险承担的影响及社会信任对二者关系的调节作用.研究发现,董事网络位置与企业风险承担显著正相关,社会信任强化了董事网络位置对企业风险承担的促进作用.在不同社会信任度下,董事网络位置对国有及非国有企业的风险承担均具有促进作用,社会信任对二者关系的调节作用只存在于非国有企业;无论行业竞争程度高低,董事网络位置均对企业风险承担起促进作用,社会信任只在行业竞争程度高时存在调节效应.

The social network analysis technology is used,and the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2019 are selected to test the impact of directors’network position on corporate risk-taking and the moderating effect of social trust on the relationship between them.It is found that directors’network position is significantly positively correlated with corporate risk-taking,and social trust strengthens the promoting role of directors’network position on corporate risk-taking.Further tests find that under different social trust levels,directors’network position can promote the risk-taking of state-owned and non-state-owned enterprises,but the moderating effect of social trust only exists in non-state-owned enterprises.Regardless of the degree of industrial competition,directors’network position can promote corporate risk-taking,but social trust only plays a moderating effect when the degree of industrial competition is high.