独立董事连锁网络与财务违规传染效应研究  

Research on Independent Directors’Interlocking Network and the Contagion Effect of Financial Misconduct

作　　者：马壮 汪声媛 Ma Zhuang;Wang Shengyuan

机构地区：[1]杭州电子科技大学会计学院,浙江杭州310018

出　　处：《证券市场导报》2025年第3期46-57,共12页Securities Market Herald

基　　金：国家社会科学基金青年项目“环境治理视域下企业家获得感构成要素、评价体系与提升路径研究”(20CGL019);教育部人文社科青年基金项目“企业财务违规传染阻断机制研究:威慑信号传递视角”(19YJC630122);浙江省自然科学基金探索项目“后疫情时代浙江省民营经济韧性识别、评估与强化机制研究”(LQ21G030007)。

摘　　要：上市公司财务违规行为是否会通过独立董事连锁网络形成传染效应?本文以沪深A股上市公司为样本,实证检验独立董事连锁网络的财务违规传染效应。研究发现:(1)独立董事连锁网络可通过传播财务违规经验,使公司管理层产生机会主义思想、降低财务违规道德感知、获得财务违规操作方法,进而增加公司财务违规的可能性。并且独立董事连锁网络中的违规企业数量越多,财务违规的传染性越强。(2)声誉较高、独立性较强、影响力较大的独立董事,其履职有效性较高,能在一定程度上抑制财务违规的传染效应。(3)监管强度与分析师关注可能增加公司财务违规成本,能对财务违规传染形成约束。本文揭示了财务违规在独立董事连锁网络中的传染路径,为治理公司财务违规行为提供了参考。Does financial misconduct by listed companies spread through the independent directors’interlocking network?Using a sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges,this paper empirically tests the contagion effect of financial misconduct within the independent directors’interlocking network.The findings are summarized as follows.(1)The independent directors’interlocking network could facilitate the spread of financial misconduct experience,leading to opportunistic thinking among management,lowering moral perceptions of financial misconduct,and providing operational methods for misconduct,thereby increasing the likelihood of financial misconduct.Moreover,the greater the number of misconduct-involved companies in the independent directors’interlocking network,the stronger the contagion effect of financial misconduct.(2)Independent directors with higher reputations,stronger independence,and greater influence demonstrate higher effectiveness in performing their duties,which can partially suppress the contagion effect of financial misconduct.(3)Regulatory intensity and analyst attention may increase the cost of financial misconduct and can restrain the contagion of financial misconduct.This study reveals the contagion mechanisms of financial misconduct within the independent directors’interlocking network and provides references for addressing corporate financial misconduct.

关 键 词：财务违规 独立董事连锁网络 履职有效性 传染效应 

分 类 号：C93[经济管理—管理学]