董事网络和产品市场竞争与信息披露质量
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摘要
为探析上市公司信息披露质量的影响因素,以2012-2016年深市A股上市公司为研究对象,利用社会网络分析方法实证,检验不同产品市场竞争程度下董事所处网络位置差异对提高信息披露质量的作用。研究发现,董事网络位置的中心度越高,信息披露质量越好;就提升信息披露质量而言,产品市场竞争与董事网络治理效应存在替代关系。
In order to further analyze the factors influencing the information disclosure quality of listed companies,this paper studies the Shenzhen A-share listed companies in 2012-2016 by the social network analysis method to empirically test the differences in the network location of directors and their role in enhancing the quality of information disclosure in different degrees of product market competition.There is a positive correlation between directors' network centrality and the information disclosure quality.In terms of improving the quality of information disclosure,there is a certain substitution relationship between product market competition and network governance effects of directors.
In order to further analyze the factors influencing the information disclosure quality of listed companies,this paper studies the Shenzhen A-share listed companies in 2012-2016 by the social network analysis method to empirically test the differences in the network location of directors and their role in enhancing the quality of information disclosure in different degrees of product market competition.There is a positive correlation between directors' network centrality and the information disclosure quality.In terms of improving the quality of information disclosure,there is a certain substitution relationship between product market competition and network governance effects of directors.
引文
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[2]洪玫.完善信息披露制度,提升我国债券市场透明度[J].上海金融,2018(7):47.HONG Mei.Improving the Information Disclosure System and the Transparency of China’s Bond Market[J].Shanghai Finance,2018(7):47.(in Chinese)
[3]BALL R,ROBIN A,WU J S.Incentives Versus Standards:Properties of Accounting Income in Four East Asian Countries[J].Journal of Accounting&Economics,2004,36(1):235.
[4]尹志宏,姜付秀,秦义虎.产品市场竞争、公司治理与信息披露质量[J].管理世界,2010(1):133.YIN Zhihong,JIANG Fuxiu,QlN Yihu.Market Competition in Products,the Corporate Governance and the Quality of Information Disclosure[J].Management World,2010(1):133.(in Chinese)
[5]钟军委,张祥建,钱有飞.董事网络、社会资本与企业投资效率---来自A股上市公司的经验证据[J].产业经济研究,2017(4):56.ZHONG Junwei,ZHANG Xiangjian,QIAN Youfei.Interlocking Directorate Network,Social Capital and Enterprise Investment Efficiency:Evidence from A-share Stock Market of China[J].Industrial Economics Research,2017(4):56.(in Chinese)
[6]邓美君,刘欣.中国董事的可视化分析[J].上海管理科学,2017,39(5):87.DENG Meijun,LIU Xin.Visualization Analysis of Chinese Chain Directors[J].Shanghai Management Science,2017,39(5):87.(in Chinese)
[7]李维安,邱艾超,牛建波,等.公司治理研究的新进展:国际趋势与中国模式[J].南开管理评论,2010,13(6):13.LI Weian,QIU Aichao,NIU Jianbo,et al.Recent Development of Corporate Governance:International Trends and China’s Mode[J].Nankai Business Review,2010,13(6):13.(in Chinese)
[8]FAMA E F,JENSEN M C.Agency Problems and Residual Claims[J].Journal of Law&Economics,1983,26(2):327.
[9]CASHMAN O,LENNON G,SLEATOR R D,et al.Changing Profile of the Bovine Rotavirus G6Population in the South of Ireland from 2002to 2009[J].Veterinary Microbiology,2010,146(3):238.
[10]BAROZET E.Social Capital.A Theory of Social Structure and Action[M].New York:Cambridge University Press,2002.
[11]彭桃英,龙京京.董事联结对内部控制质量的影响研究[J].财会通讯,2017,(18):100.PENG Taoying,LONG Jingjing.Research on the Influence of Chain Directors’Connection on the Quality of Internal Control[J].Communication of Finance and Accounting,2017(18):100.(in Chinese)
[12]刘军.整体网分析:UCINET软件实用指南[M].2版.上海:上海人民出版社,2014.LIU Jun.Lectures on Whole Network Approach:APractical Guide to UCINET[M].2nd ed.Shanghai:Shanghai People’s Publishing House,2014.(in Chinese)
[13]JACKSON M O,ROGERS B W,ZENOU Y.The E-conomic Consequences of Social Network Structure[J].Journal of Economic Literature,2015,55(1):49.
[14]陈运森.独立董事网络中心度与公司信息披露质量[J].审计研究,2012(5):92.CHEN Yunsen.Network Centrality of Independent Directors and Firm’s Information Disclosure Quality[J].Auditing Research,2012(5):92.(in Chinese)
[15]李映照,李晓梦.高管权力、董秘信息权与信息披露质量[J].财会月刊,2017(2):3.LI Yingzhao,LI Xiaomeng.Managerial Power,Information Right of Board Secretary and Quality of Information Disclosure[J].Finance and Accounting Monthly,2017(2):3.(in Chinese)