摘要
文章以2007-2019年A股上市公司为研究样本,研究CEO与CFO间社会关系(校友关系或者老乡关系)对企业投资效率的影响。研究发现,CEO与CFO存在社会关系的企业投资效率更高,并且当CEO没有财务背景时,CEO与CFO间社会关系对企业投资效率的促进作用更强。研究结果表明,CEO与CFO间社会关系有助于CEO与CFO更好地沟通,进而做出更有效的投资决策。文章进一步检验了行业竞争程度的调节作用,研究发现,当行业竞争程度更加激烈时,CEO与CFO间社会关系对企业投资效率的促进作用更强。文章为社会关系如何影响高管团队的信息沟通提供了经验证据,有助于理解高管团队社会关系网络对企业投资行为的影响。
Investment,as an important part of corporate economic activities,plays an important role in companies participating in market competition. A large number of studies have shown that serious executive inefficiency investment behaviors are common in listed companies.Senior managers control the investment decision-making power of enterprises,affect the efficiency of capital allocation,and then determine enterprises’ market competitiveness and development prospects. With the in-depth study of the economic effect of social network on the capital market,some scholars have shown that social network has the role of information sharing in mutually beneficial transactions. China is a relationship-based country,and social relationships are reflected in many aspects of life. In sociology,social network is defined as a group of connected people in the same community(such as residence,school,and work unit). This article uses the personal information of CEOs and CFOs to construct the social relationship index between CEOs and CFOs,which is measured by alumni relationship or fellow-villager relationship. In order to verify whether the social relationship between CEOs and CFOs can help to strengthen the information communication between the executive team and improve investment efficiency,this article uses 2007-2019 A-share listed companies as a research sample,and uses a combination of normative research and empirical research to study the impact of CEOCFO social relationships on the investment efficiency of enterprises. The study finds that enterprises with a social relationship between CEOs and CFOs have higher investment efficiency.And when CEOs have no financial background,the CEO-CFO social relationship has a stronger role in promoting the investment efficiency of enterprises. The research results show that the CEO-CFO social relationship helps CEOs and CFOs communicate better,and then make more effective investment decisions. This article further examines the moderating effect of industry competition. The study finds that
作者
何开刚
刘莹阁
王勇
He Kaigang;Liu Yingge;Wang Yong(School of Accounting,Shanghai University of International Business and Economics,Shanghai 201620,China;Hongqiao Management Headquarters of Shanghai Zijiang Enterprise Group Co.,Ltd.,Shanghai 200336,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2021年第5期37-49,152,共14页
Journal of Shanghai University of Finance and Economics
基金
国家自然科学基金青年项目“我国公募基金地区投资偏好行为的动因和经济后果问题研究”(71802128)
教育部人文社会科学研究基金“差序格局下内幕信息的传递和治理——基于内幕交易处罚案例的经验研究”(19YJC630045)。
关键词
社会关系
信息沟通
财务背景
投资效率
social relationships
information communication
financial background
investment efficiency
