连锁董事网络对公司风险承担的影响The Effect of Interlocking Director Network on Corporate Risk Taking
刘衡,苏坤
摘要(Abstract)：
以我国沪、深两市上市公司为研究对象,借助社会网络分析方法量化连锁董事网络密度,研究了连锁董事网络对公司风险承担的影响,以及市场化进程和投资机会对上述关系的调节作用。研究表明:连锁董事具有良好的信息传递功能,提高了企业间风险承担行为模仿学习的可能性和实施进程,连锁董事网络密度与公司风险承担显著正相关;市场化进程的提高有助于连锁董事信息传递功能的发挥,在市场化进程较高的地区连锁董事网络对公司风险承担的影响相对更强;充足的投资机会为连锁董事功能的发挥提供了适宜的土壤,有助于增强连锁董事网络对公司风险承担的促进作用。研究结果丰富和拓展了连锁董事网络和公司风险承担的相关研究。
关键词(KeyWords)： 风险承担;连锁董事;市场化进程
基金项目(Foundation): 国家自然科学基金(71402141,71672197);; 教育部人文社会科学研究青年基金(14YJC790103);; 中国博士后科学基金项目(2015M582705,2016T90943);; 陕西省博士后科研项目(2016BSHYDZZ47)资助
作者(Author): 刘衡,苏坤
DOI: 10.16513/j.cnki.cje.2017.01.006
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