交叉持股、网络位置与公司绩效的实证研究  

An Empirical Study on the Cross-shareholding,Network Location and Firm Performance

作　　者：沙浩伟 曾勇[1] 

机构地区：[1]电子科技大学经济与管理学院,成都610054

出　　处：《管理科学》2014年第1期131-142,共12页Journal of Management Science

基　　金：国家自然科学基金(71102054)~~

摘　　要：以中国2004年至2010年沪深A股中涉及交叉持股的上市公司为样本,运用社会网络分析方法,刻画中国上市公司因交叉持股而建立联系的企业间网络的形态,使用中心性和结构洞两个指标衡量上市公司在交叉持股网络中的位置特征,实证检验上市公司嵌入在交叉持股网络中位置特征对企业绩效的影响。研究结果表明,中国上市公司间交叉持股网络属于典型的无标度网络,各节点之间的连接状况(度数)具有不均匀分布性质,上市公司间交叉持股网络具有较低的网络密度(0.002),网络成员间的联系不是很紧密。多元回归结果表明,中心性和结构洞指标对企业绩效的影响并不显著,但对于不同所有权性质的上市公司而言,网络位置特征对企业绩效影响却存在显著差异,与国有企业相比,非国有企业(尤其是民营企业)的网络位置特征对企业绩效有显著的正向促进作用。Taking the cross-shareholding A-share listed firms from Shanghai and Shenzhen stock markets from 2004 to 2010 as re-search samples , this study depicts the network morphology of firms which establish ties through cross-shareholding by the method of social network analysis .We use centrality and structural hole to measure network location , and examine the impact of network location of listed firms embedded in the cross-shareholding network on firm performance .The results show that the cross-share-holding network of listed firms in China is a typical scale-free network, the connection conditions （degrees） of each node are un-even, and the network has a low network density （0.002）, which means the ties among members of the network are not very close.The multiple regressions find that：①centrality and structural holes of firms exert no significant influence on firm perform-ance.However, for firms with different types of property rights , there are significant differences in impacts of the characteristics of network location on firm performance; and ②characteristics of network location of non-state-owned firms （ especially private enterprises ） play a significantly positive role in improving firm performance compared with state-owned firms .

关 键 词：社会网络 嵌入性 交叉持股 企业绩效 

分 类 号：F276.6[经济管理—企业管理]