摘要
韧性是企业有效抵御危机冲突的能力,也是其获得可持续发展的关键保证。如何增强企业韧性成为近年来关注的焦点。本文以2010—2021年沪深A股上市公司作为研究样本,从社会网络视角考察了股东关系网络对企业韧性的影响及其机制路径。研究发现,股东关系网络能增强企业韧性,且经过一系列稳健性检验后该结论依旧成立;基于中介效应模型发现,股东关系网络通过抑制企业盈余管理、强化企业投资效率,可增强企业韧性;进一步分析发现,对于所处地区市场化程度较低、规模较大、融资约束程度较高的企业而言,股东关系网络对企业韧性的正向影响更为显著。本文为增强企业韧性提供了新的思路和方法。
Resilience is the ability of enterprises to effectively resist crises and conflicts,and the key guarantee for sustainable development.How to enhance corporate resilience has become a focus of attention in recent years.This article taking A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as research samples,examines the impact of shareholder relationship networks on corporate resilience and its mechanism path from the perspective of social networks.The research finds that shareholder relationship network can enhance enterprise resilience,and this conclusion is still valid after a series of robustness tests.Based on the empirical study of the impact mechanism of the mesomeric effect model,it is found that the shareholder relationship network inhibits the earnings management of enterprises,strengthens the investment efficiency of enterprises,and thus enhances enterprise resilience.Further analysis reveals that for companies located in regions with lower levels of marketization,larger scale,and higher levels of financing constraints,the positive impact of shareholder relationship networks on corporate resilience is more significant.This article provides new ideas and methods for improving enterprise resilience.
出处
《金融监管研究》
北大核心
2023年第3期73-92,共20页
Financial Regulation Research
基金
教育部人文社会科学研究规划基金项目“企业过度负债背景下机构投资者替代负债监督的机制与路径研究”(项目编号:15YJA630043)
江苏师范大学研究生创新计划项目“股东关系网络与企业财务风险关系研究”(项目编号:2022XKT0808)的资助
关键词
股东关系网络
企业韧性
盈余管理
投资效率
Shareholder Relations Network
Enterprise Resilience
Earnings Management
Investment Efficiency
