摘要
基于社会网络视角研究公司财务行为是公司财务研究发展的最新领域。本文利用社会网络分析方法,实证研究了我国上市公司独立董事在董事网络中的网络位置对公司并购行为的影响。研究发现,上市公司独立董事的网络中心度越高,公司越容易发生并购行为,表明独立董事的网络联结有助于独立董事更好地为并购决策提供咨询建议服务;进一步研究发现,在正式制度环境越差的地区,独立董事的网络中心度与并购行为的正向关联越明显。本文还补充检验了独立董事网络位置对并购绩效的影响,发现独立董事的网络中心度与并购绩效显著正相关。本文的研究发现丰富了独立董事治理、公司并购和社会网络研究成果。
Researching the corporate financial behavior based on the network view is the updated field of corporate finance. The influence of network position of directors on their governance roles is an important issue in this field. Based on the theory of social network, this paper identifies an important factor in assessing a firm＇s likelihood of engaging in M＆A. Using the social network analysis, this paper investigates the influence of network position of independent directors on the M＆A of China＇s listed companies. We estimate the logistic model with the data of China＇s listed companies over the period of 2003-2011. We use three indexes to measure the network position of independent directors： degree centrality, betweenness centrality and closeness centrality. Higher indexes mean more central position that independent directors occupy. Central network position can help independent directors to possess more social capital, enhance their ability of obtaining relevant information about M＆A and improve the advisory role（s） of independent directors, which will promote M＆A activities. The results suggest that the network centrality of network of independent directors is positively related to the likelihood of engaging in M＆A, and it suggests that the network of independent directors can help independent directors to give more advising service when boards make decision of M＆A. Furthermore, the results also suggest that the active role of network of indepen- dent directors is more significant in the region where the formal institution is weaker. Additionally, this paper also examines the rela- tionship between the network position of independent directors and merger performance. The results suggest that the social network of independent directors can improve the merger performance. Further- more, we do several robust tests, including additional test to exclude alternative hypothesis and using different measures of network position and institution environment to test. The results of robust tests also support our hypothesis. This paper can enrich the research about independent directors, M＆A and social networks.
出处
《南开管理评论》
CSSCI
北大核心
2014年第2期64-73,共10页
Nankai Business Review
基金
国家自然科学基金青年项目(71202075)
中央高校基本科研业务费专项资金项目(2014ZDJLPY01)资助
关键词
网络位置
独立董事
公司并购
网络中心度
Network Position
Independent Directors
M＆A
Net- work Centrality
