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西部上市公司連鎖董事網(wǎng)絡(luò)特征及其債務(wù)融資影響分析

發(fā)布時間:2018-09-12 16:34
【摘要】:中國市場化改革是一個漸進(jìn)的過程,兩種分配方式還將長時間交疊,社會資源的分配方式由國家行政權(quán)力分配轉(zhuǎn)向由市場機(jī)制調(diào)節(jié)分配,但是我國的市場機(jī)制并不完善。企業(yè)間連鎖董事關(guān)系網(wǎng)絡(luò)是一種非制度性約束,在特殊時期,起到了填補(bǔ)現(xiàn)有制度存在漏洞的作用。 企業(yè)對發(fā)展所需的各種資源迫切需要,內(nèi)部不能滿足,就要向外部尋求。資金是否到位決定企業(yè)生死,企業(yè)是否能獲得足夠的資金對企業(yè)發(fā)展起著無與倫比的作用。國內(nèi)、外企業(yè)形成與發(fā)展規(guī)律告訴我們:企業(yè)必定會受到外在環(huán)境的影響,但這還未引起國內(nèi)學(xué)術(shù)界對社會關(guān)系網(wǎng)絡(luò)影響的高度重視,繼而產(chǎn)生對連鎖董事對企業(yè)債務(wù)融資能力的影響的研究的嚴(yán)重不足的現(xiàn)狀。 綜上所述,本文在回顧連鎖董事相關(guān)國內(nèi)、國外文獻(xiàn),以及當(dāng)前學(xué)術(shù)界對連鎖董事的研究結(jié)論的基礎(chǔ)上,選取西部地區(qū)各。ㄗ灾螀^(qū))2013年董事網(wǎng)絡(luò)數(shù)據(jù),運(yùn)用“圖論法”及“指標(biāo)分析法”分析西部上市公司連鎖董事的網(wǎng)絡(luò)特征以及跨區(qū)分布特征,并以資源依賴?yán)碚摓橹,就企業(yè)的融資能力在董事網(wǎng)絡(luò)影響下的研究。研究發(fā)現(xiàn):新疆維吾爾自治區(qū)、陜西省、甘肅省、寧夏回族自治區(qū)和青海省形從連鎖董事網(wǎng)絡(luò)中獲得資源的能力、其他企業(yè)受到影響遞減,債務(wù)融資能力也遞減。具體到各省區(qū)連鎖董事網(wǎng)絡(luò)來說,各省區(qū)網(wǎng)絡(luò)中心企業(yè)利用連鎖董事網(wǎng)絡(luò)獲取社會資本的能力較強(qiáng),這些企業(yè)的融資能力也較強(qiáng)。 另外,,網(wǎng)絡(luò)地域特征明顯。各。ㄗ灾螀^(qū))呈現(xiàn)內(nèi)部連結(jié)緊密,各。ㄗ灾螀^(qū))之間的聯(lián)系不緊密。以親屬、同鄉(xiāng)為核心的信用效應(yīng)既是企業(yè)利用關(guān)系網(wǎng)絡(luò)進(jìn)行債務(wù)融資的前提保證,又可以使得資金的集聚和流動效應(yīng)得到放大,使企業(yè)的債務(wù)融資能力增強(qiáng)。
[Abstract]:China's market-oriented reform is a gradual process, the two ways of distribution will also overlap for a long time, the distribution of social resources from the distribution of state administrative power to the distribution by the market mechanism, but the market mechanism in China is not perfect. Interfirm interlocking director relationship network is a kind of non-institutional constraint. In a special period, it can fill in the loopholes of the existing system. Enterprises need a variety of resources for development, internal can not be satisfied, we must seek external. Whether the capital is in place determines the life and death of the enterprise, and whether the enterprise can get enough funds plays an unparalleled role in the development of the enterprise. The law of the formation and development of domestic and foreign enterprises tells us that enterprises are bound to be influenced by the external environment, but this has not caused the domestic academic circles to attach great importance to the influence of social relations networks. Then there is a serious lack of research on the impact of chain directors on corporate debt financing capacity. To sum up, based on the review of domestic and foreign literature on chain directors and the current academic conclusions on chain directors, this paper selects the 2013 directors' network data of western provinces (autonomous regions). By means of graph theory method and index analysis method, this paper analyzes the network characteristics and cross-regional distribution characteristics of the chain directors of western listed companies, and studies the financing ability of enterprises under the influence of the directors' network based on the theory of resource dependence. It is found that the ability of Xinjiang Uygur Autonomous region, Shaanxi Province, Gansu Province, Ningxia Hui Autonomous region and Qinghai Province to obtain resources from the chain director network, and other enterprises to be affected decline, debt financing ability also decline. As to the interlocking director network of each province and district, the ability of using the network to obtain social capital is stronger, and the financing ability of these enterprises is also strong. In addition, the characteristics of the network region is obvious. Provinces (autonomous regions) show close internal links, provinces (autonomous regions) between the links are not close. The credit effect, which takes relatives and fellow townships as the core, is not only the precondition for enterprises to make use of the relationship network for debt financing, but also for the agglomeration and flow effect of funds to be magnified, and the debt financing ability of enterprises can be enhanced.
【學(xué)位授予單位】:長安大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2014
【分類號】:F832.51;F271;F275

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