摘要
风险承担是企业实现持续发展的重要因素。基于社会网络视角,本文运用中国A股上市公司2011~2022年的样本数据,实证研究了董事网络位置对企业风险承担的影响及其作用机理。结果表明:董事网络中心度显著提升了企业风险承担水平,结构洞对企业风险承担起到显著的抑制作用。知识溢出在董事网络中心度以及结构洞对企业风险承担的影响中均发挥遮掩效应;进一步研究发现,经济政策不确定性正向调节董事网络位置对企业风险承担水平的影响。基于研究结论,企业应该合理构建董事网络关系;优化董事网络结构,适度获取外部知识,提升决策质量。
Risk-taking is an important factor for enterprises to achieve sustainable development.Based on the perspective of social network,this paper empirically studies the influence of director network location on corporate risk-taking and its mechanism by using the sample data of Chinese A-share listed companies from 2011 to 2022.The results show that the centrality of director network significantly improves the level of corporate risk-taking,and the structural hole significantly inhibits the level of corporate risk-taking.Knowledge spillover has a masking effect on the influence of director network centrality on corporate risk-taking and the influence of structure hole on corporate risk-taking.Further research shows that economic policy uncertainty positively moderates the influence of director network location on corporate risk-taking.Based on the research conclusion,enterprises should reasonably construct the director network relationship;optimize the structure of director network,acquire external knowledge moderately and improve the quality of decision-making.
作者
王熹
刘国枝
王利
周浩倩
Wang Xi;Liu Guozhi;Wang Li;Zhou Haoqian(Business School,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《工业技术经济》
北大核心
2024年第3期76-86,共11页
Journal of Industrial Technological Economics
基金
国家自然科学基金青年项目“薪酬管制降低了经理人的努力水平吗?——基于多重参照点效应的作用机制研究”(项目编号:71502121)
教育部人文社会科学研究规划基金项目“考虑多重参照点挤出作用的经理人偏好结构与薪酬激励效率匹配研究”(项目编号:20YJA630064)。
关键词
企业风险承担
董事网络
知识溢出
经济政策不确定性
中心度
结构洞
corporate risk-taking
directorsnetwork
knowledge spillover
economic policy uncertainty
centrality
structural hole
