企业金融化的同群效应:基于连锁董事网络的研究被引量：37

Research on the Peer Effect of Corporate Financialization Based on Interlocking Director Network

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摘要近年来,越来越多的实体企业将大量资金投资于金融市场,使得中国实体经济出现了"脱实向虚"的现象。本文以同群效应为研究视角,选取2008—2017年中国沪深A股上市公司为样本,从连锁董事网络的角度分析了企业金融化同群效应的存在性、产生机制和经济后果。研究发现,同一董事网络中的企业金融化行为具有显著的同群效应,这种现象主要源于信息传递和资源获取两种途径,且企业董事网络中心度越高、企业董事会成员具备金融背景、上市年限越长、企业的融资约束越弱,同群效应越明显。嵌入董事网络的企业金融化同群效应会导致企业偿债能力下降、主业投资不足的经济后果。本文以连锁董事网络同群效应为新视角,拓展了企业金融化研究范围,同时也为政府、企业和管理者在降低金融化同群效应带来的负面影响方面提供了对策建议。 In recent years,more and more real companies have invested a large amount of money in the financial market,which has caused the phenomenon of"being out of reality"in China’s real economy.This paper takes the peer effect as a research perspective and selects China’s Shanghai and Shenzhen A-share listed companies from 2008 to 2017 as a sample,and analyzes the existence,generation mechanism and economic consequences of the peer effect of corporate financialization from the perspective of the interlocking director network.The study found that corporate financial behavior in the same director network has a significant peer effect.This phenomenon is mainly due to two ways of information transmission and resource acquisition.The higher the centrality of the corporate director network,the higher the corporate board members have financial background,The longer the listing period and the weaker the financing constraints of the company,the more obvious the same group effect.The peer effect of corporate financialization embedded in the director network will lead to the economic consequences of a decline in corporate solvency and insufficient investment in the main business.This paper takes the peer effect of the chain director network as a new perspective,expands the scope of corporate financialization research,and also provides countermeasures and suggestions for the government,enterprises and managers in reducing the negative impact of the peer effect of financialization.

作者杜勇刘婷婷 Du Yong;Liu Tingting

机构地区西南大学经济管理学院

出处《财经科学》 CSSCI 北大核心 2021年第4期11-27,共17页 Finance & Economics

基金国家自然科学基金面上项目“机构共同持股下的实体企业影子银行化同群效应:表征识别、驱动机理与经济后果”(72072146) 西南大学人文社会科学校级研究项目重大培育项目“新常态下正式与非正式制度性因素对公司亏损逆转稳定性的影响研究”(SWU1909031) 重庆市社会科学规划项目“非金融上市公司金融化的同伴效应研究”(2018PY61)的资助

关键词企业金融化同群效应连锁董事网络 Corporate Financialization Peer Effect Interlocking Director Network

分类号 F271 [经济管理—企业管理] F275 [经济管理—企业管理]

作者简介杜勇(1977—),西南大学经济管理学院,教授。电子邮箱:dy772012@126.com;刘婷婷(1993—),西南大学经济管理学院,博士生。电子邮箱:671726059@qq.com。