董事网络距离与公司股票投资的“近邻偏好”  

Board Network Distance and the “Adjacency Bias” for Company Stock Investment

作　　者：张龑[1,2] 黄凯南 ZHANG Yan;HUANG Kainan(Ocean University of China;Shandong University)

机构地区：[1]中国海洋大学管理学院 [2]中国企业营运资金管理研究中心 [3]山东大学经济研究院,250100 [4]山东大学县域发展研究院,250100

出　　处：《经济学（季刊）》2023年第1期335-352,共18页China Economic Quarterly

基　　金：国家社会科学基金重点项目(21AJL005);泰山学者工程专项经费(TS201712006);中国博士后科学基金资助项目(2022M722971);山东省博士后创新项目(SDCX-RS-202203019)的资助。

摘　　要：本文从网络嵌入视角考察上市公司股票投资问题。研究发现:公司股票投资在虚拟董事网络上存在“近邻偏好”,即公司倾向购买网络上邻近公司的股票。董事网络上的双边邻近关系能够提供非正式信息渠道、带来更高投资收益;弱化精确双边关系后,公司对整体网信息获取与控制能力仍然伴随高收益。研究支持了解释“近邻偏好”的信息优势假说,并从整体网信息优势和金融资产的股票投资视角阐释了企业的金融化倾向。We research the stock investment of listed companies from the perspective of network embedded. We find that there is “Adjacency Bias” in stock investment on the virtual board network, i. e., companies tend to buy neighboring companies’ stocks. Bilateral proximity relationships on the network can provide informal information channels and bring higher returns. After weakening the precise bilateral relationship, companies still gain high yields from the ability of information acquisition and control across the network. This study supports the information advantage hypothesis, and explains the financialization from the perspective of overall network information advantage and stock investment of financial assets.

关 键 词：网络距离 股票投资 近邻偏好 

分 类 号：F832.51[经济管理—金融学] F271