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
[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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