共同分析师网络与企业异地投资

Co-analyst Network and Enterprise Off-site Investment

基于社会网络视角,以2010-2020年中国A股非金融类上市公司为样本,探讨共同分析师网络对于企业异地投资的影响机理及其经济后果。研究发现:共同分析师网络依靠网络中的社会资本及信息传递效应促进企业异地投资,并且这种促进作用在民营企业和第三产业企业中表现得更为明显;经济后果表明,共同分析师网络作用下的异地投资会促进企业创新并提升企业价值,有利于企业健康发展。

Based on the perspective of social network,this paper takes China A-share non-financial listed companies from 2010 to 2020 as samples to explore the influence mechanism and economic consequences of co-analyst network on enterprises’foreign investment.It is found that the co-analyst network relies on the social capital and information transmission effect in the network to promote enterprises’investment in different places,and this promotion effect is more obvious in private enterprises and tertiary industry enterprises;the economic consequences show that the foreign investment under the joint analyst network will promote enterprise innovation and enhance enterprise value,which is conducive to the healthy development of enterprises.