连锁董事、财务绩效和公司价值  

Interlocking Directorate,Financial Performance and Firm Value

作　　者：田高良[1] 李留闯[1] 齐保垒[1] 

机构地区：[1]西安交通大学管理学院,西安710049

出　　处：《管理科学》2011年第3期13-24,共12页Journal of Management Science

基　　金：国家自然科学基金(70772110);教育部人文社会科学基金(08JA630068)~~

摘　　要：从企业和投资者两个视角分析连锁董事与财务绩效、公司价值之间的关系,采用最小二乘法进行实证检验。以1999年至2008年中国上市公司为样本构建纵列截面数据,分年度建立联通连锁董事网络,借鉴社会网络分析和图论理论,采用居中中心度和中介中心度测度连锁关系的数量,采用向量中心度测度连锁关系的质量。研究结果表明,连锁关系质量和数量的相关性低,涵盖的信息不同;连锁关系越多、越重要,上市公司后续3年的资产收益率越高,并且连锁关系的变动和资产收益率的变化呈动态一致性。用营业利润率代替资产收益率,实证结果也是稳健的。进一步研究还发现,连锁关系对上市公司的Tobin's Q值有正向影响,说明公司价值能有效地捕捉连锁关系带来的长期增长效应及其作为无形资产和实物期权的经济价值。This study analyzed the relationship between interlocking directorate and financial performance,firm value from corporate and investor perspective,by using OLS regressions.Annual connected networks of interlocking directorate were formed using the data of listed firms from the year 1999 to 2008.Based on social network analysis and graph theory,degree centrality and betweenness centrality were took as the proxy of the quantity of interlocking links,and eigenvector centrality was employed to capture the quality of interlocking directorate.A correlation analysis shows there is a difference between number and quality of interlock links.We find that three centrality measures have positive impact on ROA of listed firms in next three years,the change of ROA is consistent with change of centrality measures.The result is robust to use of return on sales as a proxy of ROA.Further test indicates that there is a positive relationship between centrality measures and Tobin′s Q,implying that investors value interlocking directorate.Firm value can reveal the long term growth effect and its economic value to be as the intangible assets and real options.

关 键 词：连锁董事 中心度 财务绩效 Tobin's Q 

分 类 号：F271.5[经济管理—企业管理]