商业信用的独董网络同伴效应研究:知行合一还是虚谈废务?  

Peer Effect of Independent Director Network in Trade Credit:“Walk the Talk”or“Empty Talk”

作　　者：潘扬[1] 张文龙[1] PAN Yang;ZHANG Wenlong(Faculty of Finance,Shanxi University of Finance&Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学金融学院,山西太原030006

出　　处：《审计与经济研究》2023年第3期75-85,共11页Journal of Audit & Economics

基　　金：教育部人文社会科学研究青年基金项目(17YJC790199)。

摘　　要：以2005—2020年中国A股上市公司为样本,从独董网络的视角研究商业信用同伴效应的存在性、学习机制及经济后果。研究发现,同一独董网络中的公司商业信用具有显著的同伴效应,公司商业信用会受到独董网络同伴公司的显著正向影响。基于独董网络信息传递的学习效应是商业信用独董网络同伴效应产生的重要机制,具体表现为市场占有率低、同伴持续时间长、程度中心度高、外部环境不确定性高的公司会更多地向独董网络同伴公司学习。进一步研究发现,商业信用独董网络同伴效应有助于提升公司价值。所得结论不仅延伸了商业信用影响因素的理论研究,还表明兼任独董在公司决策中能够起到“知行合一”作用。Taking Chinese A-share listed companies from 2005 to 2020 as samples,this paper studies the existence,learning mechanism,and economic consequences of trade credit peer effect from the perspective of independent director network.The study finds that the company s trade credit in the same independent director network has a significant peer effect,and the company s trade credit will be significantly positively affected by the independent director s peer companies.The learning effect based on the network information transmission of independent directors is an important mechanism to produce the peer effect of independent director network in trade credit,which is specifically manifested in the fact that companies with low market share,long peer duration,high degree of centrality and high uncertainty of external environment learn more from the independent director network peer companies.Further research shows that peer effect of independent director network in trade credit is helpful to enhance the company value.The conclusion not only extends the theoretical research on the influencing factors of trade credit,but also shows that interlocking independent directors can play a role of“walk the talk”in corporate decision-making.

关 键 词：商业信用 独董网络 同伴效应 学习机制 网络特征 外部环境不确定性 

分 类 号：F275[经济管理—企业管理] F832.5[经济管理—国民经济]