结构洞特征、独立董事治理与企业风险承担  

Structural Hole Position of Independent Director Networks and Corporate Risk-taking

作　　者：吴超 施建军[1] WU Chao;SHI Jian--un(School of Business, Nanjing University, Nanjing 210093 , China)

机构地区：[1]南京大学商学院,江苏南京210093

出　　处：《商业经济与管理》2018年第5期40-49,61,共11页Journal of Business Economics

基　　金：国家社会科学基金重大项目"‘十二五’时期我国发展的创新驱动战略研究"(11&ZD004);国家自然科学基金项目"企业危机的溢出效应与制度防御:基于社会网络视角的研究"(71272108)

摘　　要：文章以我国2007-2014年A股上市公司为研究对象,探究独立董事网络结构洞特征对企业风险承担的影响,以及正式制度环境和企业竞争地位的调节作用。量化独立董事网络结构洞丰富程度后研究发现,企业拥有的独立董事网络结构洞的丰富程度与风险承担水平呈显著负相关关系。在正式制度环境较差的地区,独立董事结构洞位置与企业风险承担的负相关关系越显著;企业竞争地位越高,独立董事结构洞位置与企业风险承担的负相关关系越明显。文章从独立董事网络结构洞的角度出发,丰富了独立董事治理和企业风险承担的研究成果。This paper studies the effect of the structural hole of independent director networks on corporate risk-taking,along with the moderating role of the formal institution and competitive position of the enterprise. Using a sample of China A-share listed firms over the period of 2007—2014,the empirical results found that the quantity of structural holes occupied by independent directors is negative related to the corporate risk-taking behavior. The negative relationship is more obvious where the formal institution is weaker. Moreover,the competitive position of the enterprise strengthens the relationship between the structural hole of the independent director and corporate risk-taking. This paper complements the literature of independent directors governance and corporate risk-taking.

关 键 词：风险承担 独立董事 结构洞 正式制度 企业竞争地位 

分 类 号：F270[经济管理—企业管理]