连锁董事网络对大股东掏空的影响——以长三角和珠三角经济区为例.docVIP

PAGE PAGE 24 连锁董事网络对大股东掏空的影响 ——以长三角和珠三角经济区为例 摘要：本文在分析国内外连锁董事和大股东效应相关研究现状的基础上，选取长三角，珠三角，京津冀，成渝这4个经济区，从理论推导假设出发，做了针对我国的比较系统的连锁董事现象及大股东掏空效应之间关系的实证研究，以期对我国的董事连锁现象和大股东掏空效应形成进一步认识。 实证研究表明: 1. 男性连锁董事人数远超过女性人数，且差距随着年龄越拉越大，直到70岁以上差距才减小。 2. 各区域绝大公司都嵌入在一张张紧密而广泛的关系网中，说明连锁董事现象在上市公司中很普遍 3. 长三角整体网络节点的大小相差不是特别大，绝大部分网络节点都清晰可见，而珠三角仅有少数部分企业非常大，其他的网络节点几乎不可见。 4. 长三角经济区绝大部分企业集中于第三象限，即中介中心度和结构洞制约度均相对较低；珠三角经济区则聚集于第二象限，即在中介中心度相对较低的情况下，结构洞制约度比较大。 5. 点度中心度和接近中心度对大股东掏空的影响微乎其微，接近中心度对大股东掏空有显著负向影响，结构洞对大股东掏空有显著正向影响。 当然，受限于笔者的学术研究水平，本文仍存在许多有待改善之处，对此，本文最后反思了研究的不足，并对后续连锁董事对大股东影响的研究进行了展望。 关键词：社会网络连锁董事大股东掏空 Research on the influence of chain director network on Large Shareholders Tunneling Effect based on The Yangtze River Delta and the Pearl River Delta Economic Zone Abstract: Based on the analysis of domestic and foreign related research on Interlocking Directors and Large Shareholders Tunneling Effect and this paper makes the empirical study in the Yangtze River Delta, Pearl River Delta, to make further understanding of Interlocking directors and large shareholder effect in China. Empirical study shows as following: 1. The number of male interlocking directors is far greater than that of women, and the gap is widened with the age. It was not until the age of 70 years old that the gap was reduced. 2. The vast majority of companies are embedded in a close and extensive network of relationships which suggests interlocking directorates phenomenon is widespread in Listed Companies. 3. In the Yangtze River Delta Economic Zone, the difference of overall network node size is not particularly large, and most of the network nodes are clearly visible, while in the Pearl River Delta, only a few part of the enterprise is very large, and the other network nodes almost invisible. 4. As for The Yangtze River Delta Economic Zone, the vast majority of businesses in the third quadrant, namely that betweenness centrality, constraint of structural holes are relatively low; the Pearl River Delta Economic Zone gathere