连锁董事网络、控股股东利益侵占与融资结构关系——基于我国中小板上市公司的实证检验  

Board Network,Controlling Shareholders Expropriation and Capital Structure:Based on Evidence of SMEs

作　　者：刘颖[1] 钟田丽[1] 张天宇[1] 

机构地区：[1]东北大学工商管理学院,辽宁沈阳110819

出　　处：《经济管理》2015年第4期148-158,共11页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"基于产品市场竞争的创业企业融资结构决策研究"(71150002);教育部高等学校博士学科点专项科研基金项目"中小企业融资契约选择与金融创新机制研究"(20090042110033)

摘　　要：本文以2011—2013年我国中小板上市公司为研究样本,实证检验了控股股东利益侵占对企业融资结构的影响;采用层次回归法,既分别从连锁董事网络关系的各基本特征,又从总体上构建董事网络基本特征综合指数,实证检验了连锁董事网络关系对控股股东利益侵占与融资结构关系的调节作用。实证结果发现,中小板上市公司控股股东利益侵占与负债融资正相关;连锁董事网络的地域趋同性特征对控股股东利益侵占与融资结构关系具有负向调节作用,而连锁董事网络中心度对二者关系具有正向调节作用。总体上,董事网络基本特征综合指数对二者关系具有负向调节作用。本文的研究结论对完善企业外部治理和监督机制,优化企业融资结构具有重要理论价值和现实意义。The core issue of corporate financing theory research is what the factors affect the enterprise finan- cing structure decision. From the perspective of corporate governance to study is the current research hotspot. The current study mostly focus on the relationship between controlling shareholders expropriation, social network and financing structure decision separately from the perspective of enterprise internal governance or external embedded, less focus on the social relationship factors of external governance mechanism, especially the social network relation- ships affect corporate governance, and then change enterprise financing structure decision, and empirical research is rarer. In fact social network has intrinsic mechanism to coordinate the motivation and behavior of controlling share- holders expropriation, then lead to the enterprise financing structure changed. Board network as a kind of important social relationship network is social embedding mechanism and coordina- tion and governance mechanism. Therefore, from the perspective of corporate external governance mechanism, using the data of SMEs from 2011 to 2013, this paper examines the relationship between board network, controlling share- holder expropriation and capital structure. Firstly, in view of the existing research of relationship between controlling shareholders expropriation and debt financing have two different conclusions, this paper examines this relationship once again. Secondly, using hierarchical regression method and introducing board network as a moderating variable to examine the governance effect of board network on the relationship between expropriation and capital structure from each and the whole basic characteristics of board network. The empirical results show that controlling shareholder expropriation correlates positively with capital structure, this shows that for China small and medium-sized listing corporation, controlling shareholders through debt financing to obtain more benefits and resources, even in the face of

关 键 词：连锁董事网络 控股股东利益侵占 融资结构 调节作用 

分 类 号：F279.2[经济管理—企业管理]