摘要
近年来,随着社会网络与经济发展之间相互影响的程度逐渐深化,高管①联结现象已经普遍存在于上市公司中.关注高管社会关系网络对公司经营及治理的影响是非常必要的.本文从高管联结的网络属性特征为研究切入点,检验了具有共同职务属性特征的高管所形成的联结关系对公司业绩的影响.本文通过研究发现:①公司间的高管联结关系提高了公司业绩水平;②不同类型的高管联结关系对公司业绩的影响程度不同,具体而言, “财务圈”高管联结关系对公司业绩的提升较为显著;“治理圈”高管联结关系对公司业绩则有一定的负面影响;“经营圈”高管联结关系对公司业绩的提升影响较小.这说明由高管的不同职务属性所形成的联结关系,对公司业绩的影响存在差异.
The social network brought by the economic development has come to affect many aspects of the enterprises.As one of the social networks,management connections have widely existed among the listed companies.lt is important to study the impact of the socialnetwork of a company’s management on the company’s operations and governance.Previous literature does not consider the role of social network in a company’s managerial decision making and governance mechanism.This paper uses the network attributes of management connections to test the relationship between management connections and firm performance.We find that(1)management connections improve firm performance;(2)management connections from different“circles”have,however,different effects on firm performance.Specifically,management connections from the“finance”circle significantly improve firm performance those from the governancecircle have an insignificant negative effect onfirm performance;and those from the“operating”circle have lessimpact on firm performance.The results suggest that management connections stemming from differentjob attributes have different effects on firm performance.
作者
张娟
王君彩
Juan Zhang;Juncai Wang(School of Economics,Central University of Finance and Economics,Beijing,China100081;School of Accountancy,Central University of Finance and Economics,Beijing,China100081)
出处
《当代会计评论》
CSSCI
2018年第3期83-101,共19页
Contemporary Accounting Review
关键词
高管联结
职务属性
公司业绩
management connection
job properties attributes
firm performance
作者简介
张娟,博士后,E-mail:julia_0313@163.com;王君彩,教授,E-mail:fejcwang@aliyun.com。
