连锁董事网络与企业绩效:现状、机制及异质性分析  

Chain director network and enterprise performance:Current situation,mechanism and heterogeneity analysis

作　　者：廖辉 孟醒 龚烁宇 LIAO Hui;MENG Xing;GONG Shuoyu(ANTAI College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200030,China;Research Center of Econometrics,Shanghai Academy of Social Sciences,Shanghai 200235,China;Chengdu Advanced Capital Management Co.Ltd.,Chengdu 400000,China)

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030 [2]上海社会科学院数量经济研究中心,上海200235 [3]成都先进资本管理有限公司,成都400000

出　　处：《系统工程理论与实践》2024年第9期2978-2992,共15页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(71773078,72273091);中国博士后科学基金(2023M732268);宁波市软科学研究基金(2023R006)。

摘　　要：连锁董事网络是企业社会资本的重要组成部分,对企业经营绩效有着重要影响.基于我国A股上市公司2007–2022年数据,使用社会网络分析法刻画我国企业连锁董事网络发展的特征事实,探讨连锁董事网络与企业绩效的关系、作用机制并实证检验.研究发现:我国企业连锁董事网络规模、核心和效率上升,但密度下降,国企连接度和非国企连接度间存在明显的分化和不对称特性;连锁董事网络对企业绩效有显著正向影响,且非独立董事网络和中心位置企业的作用更大,稳健性和内生性分析的结果也支持这一结论;其通过产出水平扩张和边际成本递减效应来促进企业绩效;该促进作用在国有企业、大资产规模企业和中西部企业中更加凸显;连锁董事网络对国企绩效作用更大的缘由在于国企连接度和非国企连接度仅对国有企业有显著正向作用.本文研究结论为企业经营和政府监管给出了相关建议.The chain director network is an important component of enterprise social capital and has a significant impact on its operational performance.Based on the data of A-share listed companies in China from 2007 to 2022,this study uses social network analysis to characterize the characteristics and facts of the development of chain director network in Chinese enterprises,and explores the relationship,mechanism,and empirical testing between chain director network and enterprise performance.Research has found that the scale,core,and efficiency of the chain director network in Chinese enterprises have increased,but the density has decreased.There is a clear differentiation and asymmetry between the connectivity of state-owned enterprises and nonstate-owned enterprises;the chain director network has a significant positive impact on enterprise performance,and the role of non-independent director network and central enterprises is greater.The results of robustness and endogeneity analysis also support this conclusion;it promotes enterprise performance through the effect of output level expansion and marginal cost decline;this promotion role is more prominent in state-owned enterprises,large asset scale enterprises,and central and western enterprises;the reason why the chain director network has a greater impact on the performance of state-owned enterprises is that the connectivity of state-owned enterprises and non-state-owned enterprises only has a significant positive effect on state-owned enterprises.The research conclusion of this article provides relevant suggestions for enterprise management and government regulation.

关 键 词：连锁董事网络 企业绩效 不对称特性 产出水平扩张 边际成本递减 

分 类 号：F276.3[经济管理—企业管理] F832.51[经济管理—国民经济]