连锁股东网络特征、制度环境与投资绩效 ——基于我国民营上市公司的数据  

Characteristics of Interlocking Shareholders,Institutional System and Efficiency of Investment-Based on Empirical Data of Listed Private Firms in China

作　　者：王江娜 徐宗玲[1,2] 刘晓艳 林佳丽[1] Wang Jiangna;Xu Zongling;Liu Xiaoyan;Lin Jiali(School of Business,Shantou University,Shantou,515063;Research Institude for Guangdong-Taiman Business Cooperation,Shantou University,Shantou,515063)

机构地区：[1]汕头大学商学院,汕头515063 [2]汕头大学粤台企业合作研究院,汕头515063

出　　处：《珞珈管理评论》2020年第1期38-54,共17页Luojia Management Review

基　　金：国家自然科学基金项目“管理认知对信息技术商业价值的影响研究”(项目批准号:71273160)后续资助研究项目;广东高校省级重大科研项目“潮汕女性企业领导者领导行为研究”(项目批准号:2016WTSCX035)。

摘　　要：目前学术界主要着眼于连锁董事网络与治理行为的关系研究,而较少关注连锁股东网络对企业投资效率的影响.文章以2007—2016年我国A股上市公司中的民营企业为样本,展开连锁股东网络特征、制度环境与企业投资绩效之间关系的研究.研究发现:(1)连锁股东网络的点度中心度、中介中心度及结构洞指标值与企业投资效率正相关,即企业在连锁股东网络中占据位置优势,有利于提高企业投资效益.(2)综合市场化程度指数对网络位置优势与投资绩效的关系具有反向调节作用,要素市场发育程度、中介市场发育和法律环境反向削弱网络位置优势对投资绩效的促进作用,政府干预程度则具有正向增强作用.Up to now, the academia mainly focuses on the research of interlocking directors network and entrepreneur cluster network, while ignoring related research of interlocking shareholders network. This paper studies the relationship among characteristics of interlocking shareholders,institutional environment and enterprise investment performance based on the data of private enterprises of Chinese listed companies from 2007 to 2016. The empirical analysis shows that( 1) it is verified that the degree centrality,betwenness centrality and structural hole of the interlocking shareholders are directly related to the investment efficiency of private enterprise;( 2) What is more,the index of factor market development,the index of development of intermediary market and the legal environment reversely weaken the positive influence that the network location advantage kick in investment performance. Meanwhile, the degree of market intervention by the government is positive to enhance this empirical relationship.

关 键 词：连锁股东网络 制度环境 投资绩效 

分 类 号：F273.7[经济管理—企业管理]