社会关系网络与公司债务违约——基于中国A股上市公司的经验证据  

Social Network and Corporate Debt Default——Evidence From Chinese A-share Listed Companies

作　　者：许浩然[1] 荆新[1] 

机构地区：[1]中国人民大学商学院

出　　处：《财贸经济》2016年第9期36-52,共17页Finance & Trade Economics

基　　金：国家社科基金项目"跨境上市;会计信息质量与资源配置效率研究"(13CGL037)

摘　　要：本文以我国A股上市公司为研究样本,考察了社会关系网络对公司债务违约的影响。研究发现,社会关系网络能够降低公司发生债务违约的概率,社会关系网络越富足,公司发生债务违约的概率越小。但是,在国有企业及市场化水平较高的地区,社会关系网络对公司债务违约概率的降低作用显著弱化。进一步的研究发现:随着由高管变更引起的社会关系网络强度的增强(减弱),公司发生债务违约的概率也相应减小(增大);在代理成本较小的公司里,社会关系网络对债务违约概率的降低作用更加明显;在各类社会关系中,银行关联对公司债务违约概率的降低作用最大;在债务违约宣告期间,具有社会关系网络的公司,市场反应更加负面。以上结论表明,社会关系网络是公司发生债务违约与否的重要决定因素。The determinant of corporate debt default is an important issue for both academic and practical area. Utilizing the data of Chinese A-share listed companies, we examine the impact of social network on corporate debt default. We find that social network can lower the probability of corporate debt default, i.e., the probability of debt default is significantly reduced when corporate has sufficient social network. However, the negative association between social network and probability of corporate debt default becomes less pronounced in state-owned enterprises and when corporate resides in an area with higher level of marketization. Further analyses show that. the probability of corporate debt default decreases（increases） with the enhancement （attenuation）of social network intensity after executives turnover; the impact of social network on debt default is strengthened in corporate with lower agency cost~ bank connection outperforms other types of social network to reduce the probability of corporate debt default; corporate having social network subjects to a more negative market reaction during the periods of debt default announcement. Above conclusions show that social network is a key factor in influencing corporate debt default.

关 键 词：债务违约 社会关系网络 国有企业 市场化水平 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] C912.3[社会学]