股东网络稳定性如何抑制企业违规行为——基于动态的社会网络分析方法

摘要基于动态的社会网络分析方法,使用A股上市公司2008—2023年的样本检验了股东网络稳定性对企业违规行为的影响及其作用机制。回归结果表明:股东网络稳定性显著抑制了企业违规行为,这一结论通过一系列稳健性检验后依然成立;异质性分析结果表明,相较于网络低位但稳定性高的企业,处于网络高位且稳定的企业违规行为更少,并且在国企样本、高竞争行业和低市场化样本中,股东网络稳定性与企业违规负相关的关系更显著;进一步分析发现,企业的股东网络稳定性缓解了企业融资约束,提高了公司治理水平,从而抑制了企业违规行为。研究不仅丰富了社会网络、企业违规等方面的理论研究,也为资本市场的监管提供了新的视角,为动态网络分析研究提供了新的角度和方法。

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	邱雪妹
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关键词：股东网络稳定性企业违规融资约束资本市场监管

Abstract： Based on the dynamic social network analysis, this paper empirically examines the impact and mechanism of shareholder network stability on corporate misconduct using data from Chinese A-share listed enterprises from 2008-2023. The regression results show that the stability of the shareholder network significantly inhibits enterprise's misconduct, and this conclusion is also hold after a series of robustness tests. Heterogeneity analysis reveals that compared to enterprises with low network but high stability, enterprises with high network and stability have fewer violations. Moreover, in the samples of state-owned enterprises, highly competitive industries and low marketization, the negative correlation between the stability of the shareholder network and company's misconduct is more significant. Further analysis reveals that the stability of a company's shareholder network alleviates financing constraints and improves enterprise governance, thereby inhibiting enterprise misconduct. This study not only enriches the theoretical research in the direction of social networks and corporate misconduct, but also provides new perspectives for the regulation of capital markets. In particular, the proposed concept of shareholder network stability provides new perspectives and methods for future research on dynamic network analysis.

Keywords： Shareholder Network Stability Enterprise Misconduct Financing Constraints Capital Market Regulation

收稿日期 2025-02-09; 接受日期 ;

基金资助:国家社会科学基金项目(24CRK032);江西省自然科学基金项目(KJ202410090159);国家自然科学基金项目(72262023)

通讯作者 张雪华(1981— ),女,山东莱芜人,副教授,主要从事社会网络与公司治理研究。

作者简介: 邱雪妹(1989— ),女,江西上饶人,博士,讲师,主要从事社会网络、公司治理和公司金融研究。

引用本文:

邱雪妹, 张雪华.股东网络稳定性如何抑制企业违规行为——基于动态的社会网络分析方法[J]. 经济经纬, 2025,6: 133-146

QIU Xuemei, ZHANG Xuehua.How Does Shareholder Networks Stability Inhibit Corporate Misconduct: Based on Dynamic Social Network Analysis Method[J] Economic Survey, 2025,V42(6): 133-146

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2025/V42/I6/133

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