董事会社会资本、外部环境与企业风险  

Board Social Capital, External Environment and Firm Risk

作　　者：吴颍宣[1] 施建军[2] WU Ying-xuan;SHI Jian-jun(School of Business,Nanjing University,Nanjing 210093;Business School,University of International Business Economics,Beijing 100029,China)

机构地区：[1]南京大学商学院,江苏南京210093 [2]对外经济贸易大学国际商学院,北京100029

出　　处：《山西财经大学学报》2018年第8期82-92,共11页Journal of Shanxi University of Finance and Economics

基　　金：国家社会科学基金重大项目(11&ZD004)

摘　　要：以2006—2015年的沪深A股非金融类上市企业为样本,考察基于连锁董事网络所形成的董事会社会资本对企业风险的影响。研究发现：董事会社会资本宽度有助于降低企业风险,而董事会社会资本深度则会提升企业风险;当企业所处的行业环境不确定性较高时,董事会社会资本宽度对企业风险的降低作用将增大,但董事会社会资本深度对企业风险的提升作用却没有显著增强;当企业所在地区的制度环境较为落后时,企业风险受董事会社会资本宽度和深度影响的程度将增大。Based on the samples of A-share non-financial listed companies in Shanghai and Shenzhen from 2006 to 2015, this paper investigates the effect of board social capital on firm risk based on the interlocking directorates network. The results indicate that greater board social capital breadth leads to lower firm risk, while greater board social capital depth leads to higher firm risk. Furthermore, industrial environmental uncertainty negatively moderates the relationship between board social capital breadth and firm risk,but shows no significant moderating effect on the relationship between board social capital depth and firm risk. The backward regional institutional environment both strengthens the effect of board social capital breadth and depth on firm risk.

关 键 词：董事会社会资本 企业风险 环境不确定性 地区制度环境 

分 类 号：F272.3[经济管理—企业管理]