頁籤選單縮合
題名 | 社會網絡與商業信用:基於“結構洞”位置的證據=Social Network and Trade Credit: Evidence Based on Structural Holes |
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作 者 | 陳運森; | 書刊名 | 中國會計與財務研究 |
卷期 | 17:1 2015.03[民104.03] |
頁次 | 頁73-143 |
分類號 | 494、494 |
關鍵詞 | 結構洞; 社會網絡; 董事網絡; 商業信用; 產品市場競爭; Structural holes; Social network; Board network; Trade credit; Product market competition; |
語文 | 中文(Chinese);英文(English) |
中文摘要 | 企業擁有的社會網路能帶來競爭優勢,而商業信用是企業經營活動競爭力的體現,遺憾的是現有社會網路和商業信用的交叉研究尚缺,本文則研究了企業所處不同結構洞網路位置對其商業信用獲取和使用的影響。通過董事的關聯關係定義企業社會網路,運用社會網路分析軟體計算結構洞網路位置,實證結果發現,企業所處的網路結構洞越豐富,能夠獲取的商業信用就越多,從而增強了其在產品市場的競爭優勢,同時結構洞越豐富的企業“商業信用-現金持有”敏感性越低,即企業結構洞位置能夠降低商業信用的使用成本,這一結果在控制了各種內生性和同時考慮網路中心程度的影響後依然存在;進一步研究發現,結構洞位置對商業信用獲取和使用成本的影響在競爭更為激烈的行業以及市場發展更充分的地區更加顯著,說明結構洞作用的發揮依賴于其形成的市場化因素。此外還發現結構洞網路位置對商業信用的影響更多地存在於資訊環境較差、規模較大、上市年齡較久的公司中,且更多地體現在貨幣政策寬鬆時期。結果表明結構洞網路位置帶來的控制優勢和資訊優勢對企業獲取商業信用進而取得競爭優勢至關重要。結論為社會網路和公司財務領域提供了證據,對我國企業財務實踐活動也有一定的啟示。 |
英文摘要 | A firm’s social network can provide it with competitive advantage, while its trade credit may reflect the competitiveness of its business operations. Unfortunately, there is a lack of crossover studies looking at both social networks and business credit. This paper investigates the influence of a firm holding different structural hole positions on its trade credit. By defining networks as directors’ interlocking positions and using social network analysis to compute the structural holes, this study demonstrates empirically that firms with more structural holes get more trade credit, thereby enhancing their competitive advantage in the market, and their trade credit-cash sensitivity also decreases. These results hold after controlling for the endogeneity problem and the influence of a network centrality measure. Additional analyses show that the influence of structural hole position on trade credit is more obvious in highly competitive industries and regions that have a higher level of marketisation. Moreover, the effect is found mainly for larger and more mature firms and those situated in a worse information environment, and often manifests during a time of loose monetary policies. The results suggest that the control and information advantages obtained by positioning in structural holes are important in enabling firms to obtain trade credit, which can enhance their competitive advantage. The conclusions contribute to the literature on social network and corporate finance. |
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