董事会社会资本与企业风险——基于我国制造业上市企业的经验证据
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摘要
文章以我国A股制造业上市公司作为样本,考察了董事会社会资本对企业风险的影响效应。研究结果显示,基于连锁董事网络所形成的董事会社会资本与企业风险显著负相关;进一步区分企业所有权性质和规模后,发现以上关系主要存在于非国有企业和小规模企业中。文章的结论丰富了董事会社会资本的经济后果和企业风险影响因素的研究,对于企业的风险管理也具有一定的实践启示。
Based on the data from the listed manufacturing companies of China,this paper investigates how board social capital affects firms' risk. The results indicate that board social capital is negatively associated with firms' risk level,and this relationship differs among firms with different ownership types and firm sizes. We discuss the implication of these findings for research on board social capital and firm risk,as well as the practice significance for firms' risk management.
Based on the data from the listed manufacturing companies of China,this paper investigates how board social capital affects firms' risk. The results indicate that board social capital is negatively associated with firms' risk level,and this relationship differs among firms with different ownership types and firm sizes. We discuss the implication of these findings for research on board social capital and firm risk,as well as the practice significance for firms' risk management.
引文
[1]CHENG S.Board size and the variability of corporate performance[J].Journal of Financial Economics,2008,87(1):157-176.
[2]WANG C J.Board size and firm risk-taking[J].Review of Quantitative Finance and Accounting,2012,38(4):519-542.
[3]KIM K H,RASHEED A A.Board heterogeneity and stability in firm performance:An empirical study utilizing multitheoretic approach[J].Corporate Board:Role,Duties&Composition,2013,9(1):26-39.
[4]FACCIO M,MARCHICA M T,MURA R.Large shareholder diversification and corporate risk taking[J].Review of Financial Studies,2011,24(11):3601-3641.
[5]MIZRUCHI M S.What do interlocks do?An analysis,critique and assessment of research on interlocking directorates[J].Annual Review of Sociology,1996(22):271-298.
[6]KOR Y Y,SUNDARAMURTHY C.Experienced-based human capital and social capital of outside directors[J].Journal of Management,2009,35(4):981-1006.
[7]BOURDIEU P.Outline of a theory of practice[M].Cambridge:Cambridge University Press,1977.
[8]BURT R.Structural holes:The social structure of competition[M].Cambridge:Harvard University Press,1992.
[9]HILLMAN A J,DALZIEL T.Boards of directors and firm performance:Integrating agency and resource dependence perspectives[J].Academy of Management Review,2003,28(3):383-396.
[10]KIM Y,CANNELLA A A J R.Toward a social capital theory of director selection[J].Corporate Governance:An international Review,2008,16(4):282-293.
[11]TIAN J,HALEBLIAN J,RAJAGOPALAN N.The effects of board human and social capital on investor reactions to new CEO selection[J].Strategic Management Journal,2011,32(7):731-747.
[12]DALZIEL T,GENTRY R J,BOWERMAN M.An integrated agency-resource dependence view of the influence of directors’human and relational capital on firms’R&Dspending[J].Journal of Management Studies,2011,48(6):1217-1242.
[13]HAYNES K T,HILLMAN A.The effect of board capital and CEO power on strategic change[J].Strategic Management Journal,2010,31(11):1145-1163.
[14]钟熙,宋铁波,陈伟宏,等.促进或阻碍?董事会资本对企业国际化战略的影响研究[J].科学学与科学技术管理,2018,39(3):77-91.
[15]严若森,钱晶晶.董事会资本、CEO股权激励与企业R&D投入——基于中国A股高科技电子行业上市公司的经验证据[J].经济管理,2016,38(7):60-70.
[16]李小青,吕靓欣.董事会社会资本、群体断裂带与企业研发效率——基于随机前沿模型的实证分析[J].研究与发展管理,2017,29(4):148-158.
[17]KIM Y.The proportion and social capital of outside directors and their impact on firm value:Evidence from Korea[J].Corporate Governance:An International Review,2007,15(6):1168-1176.
[18]邵毅平,王引晟.董事会资本与企业绩效的实证研究——基于R&D投资的中介效应视角[J].财经论丛,2015(6):66-74.
[19]SHROPSHIRE C.The role of the interlocking director and board receptivity in the diffusion of practices[J].Academy of Management Review,2010,35(2):248-264.
[20]CAI Y,DHALIWAL D S,KIM Y,et al.Board interlocks and the diffusion of disclosure policy[J].Review of Accounting Studies,2014,19(3):1086-1119.
[21]彭正银,廖天野.连锁董事治理效应的实证分析——基于内在机理视角的探讨[J].南开管理评论,2008,11(1):99-105.
[22]PENG M W,LUO Y.Managerial ties and firm performance in a transition economy:The nature of a Micro-Macro link[J].Academy of Management Journal,2000,43(3):486-501.
[23]巫景飞,何大军,林暐,等.高层管理者政治网络与企业多元化战略:社会资本视角——基于我国上市公司面板数据的实证分析[J].管理世界,2008(8):107-118.
[24]张鹏,邓然,张立琨.企业家社会资本与创业绩效关系研究[J].科研管理,2015,36(8):120-128.
[25]李文贵,余明桂.所有权性质、市场化进程与企业风险承担[J].中国工业经济,2012(12):115-127.
[26]翟胜宝,张胜,谢露,等.银行关联与企业风险——基于我国上市公司的经验证据[J].管理世界,2014(4):53-59.
[27]刘奎甫,茅宁.风险投资会提高新创公司的董事会社会资本吗?[J].商业经济与管理,2016(10):45-56.
[2]WANG C J.Board size and firm risk-taking[J].Review of Quantitative Finance and Accounting,2012,38(4):519-542.
[3]KIM K H,RASHEED A A.Board heterogeneity and stability in firm performance:An empirical study utilizing multitheoretic approach[J].Corporate Board:Role,Duties&Composition,2013,9(1):26-39.
[4]FACCIO M,MARCHICA M T,MURA R.Large shareholder diversification and corporate risk taking[J].Review of Financial Studies,2011,24(11):3601-3641.
[5]MIZRUCHI M S.What do interlocks do?An analysis,critique and assessment of research on interlocking directorates[J].Annual Review of Sociology,1996(22):271-298.
[6]KOR Y Y,SUNDARAMURTHY C.Experienced-based human capital and social capital of outside directors[J].Journal of Management,2009,35(4):981-1006.
[7]BOURDIEU P.Outline of a theory of practice[M].Cambridge:Cambridge University Press,1977.
[8]BURT R.Structural holes:The social structure of competition[M].Cambridge:Harvard University Press,1992.
[9]HILLMAN A J,DALZIEL T.Boards of directors and firm performance:Integrating agency and resource dependence perspectives[J].Academy of Management Review,2003,28(3):383-396.
[10]KIM Y,CANNELLA A A J R.Toward a social capital theory of director selection[J].Corporate Governance:An international Review,2008,16(4):282-293.
[11]TIAN J,HALEBLIAN J,RAJAGOPALAN N.The effects of board human and social capital on investor reactions to new CEO selection[J].Strategic Management Journal,2011,32(7):731-747.
[12]DALZIEL T,GENTRY R J,BOWERMAN M.An integrated agency-resource dependence view of the influence of directors’human and relational capital on firms’R&Dspending[J].Journal of Management Studies,2011,48(6):1217-1242.
[13]HAYNES K T,HILLMAN A.The effect of board capital and CEO power on strategic change[J].Strategic Management Journal,2010,31(11):1145-1163.
[14]钟熙,宋铁波,陈伟宏,等.促进或阻碍?董事会资本对企业国际化战略的影响研究[J].科学学与科学技术管理,2018,39(3):77-91.
[15]严若森,钱晶晶.董事会资本、CEO股权激励与企业R&D投入——基于中国A股高科技电子行业上市公司的经验证据[J].经济管理,2016,38(7):60-70.
[16]李小青,吕靓欣.董事会社会资本、群体断裂带与企业研发效率——基于随机前沿模型的实证分析[J].研究与发展管理,2017,29(4):148-158.
[17]KIM Y.The proportion and social capital of outside directors and their impact on firm value:Evidence from Korea[J].Corporate Governance:An International Review,2007,15(6):1168-1176.
[18]邵毅平,王引晟.董事会资本与企业绩效的实证研究——基于R&D投资的中介效应视角[J].财经论丛,2015(6):66-74.
[19]SHROPSHIRE C.The role of the interlocking director and board receptivity in the diffusion of practices[J].Academy of Management Review,2010,35(2):248-264.
[20]CAI Y,DHALIWAL D S,KIM Y,et al.Board interlocks and the diffusion of disclosure policy[J].Review of Accounting Studies,2014,19(3):1086-1119.
[21]彭正银,廖天野.连锁董事治理效应的实证分析——基于内在机理视角的探讨[J].南开管理评论,2008,11(1):99-105.
[22]PENG M W,LUO Y.Managerial ties and firm performance in a transition economy:The nature of a Micro-Macro link[J].Academy of Management Journal,2000,43(3):486-501.
[23]巫景飞,何大军,林暐,等.高层管理者政治网络与企业多元化战略:社会资本视角——基于我国上市公司面板数据的实证分析[J].管理世界,2008(8):107-118.
[24]张鹏,邓然,张立琨.企业家社会资本与创业绩效关系研究[J].科研管理,2015,36(8):120-128.
[25]李文贵,余明桂.所有权性质、市场化进程与企业风险承担[J].中国工业经济,2012(12):115-127.
[26]翟胜宝,张胜,谢露,等.银行关联与企业风险——基于我国上市公司的经验证据[J].管理世界,2014(4):53-59.
[27]刘奎甫,茅宁.风险投资会提高新创公司的董事会社会资本吗?[J].商业经济与管理,2016(10):45-56.