Research Of The Impact Of Independent Directors Network On Enterprise Investment Efficiency

Investment as an important financial activities of enterprises,is also an important research object in the field of accounting research.Many scholars from domestic and foreign to study the investment efficiency from different aspects,and has achieved good harvest.In recent years,scholars have begun to analyze the investment efficiency through social network theory,and find that social network has a great influence on enterprise investment efficiency.Social network theory says,social capital is embedded in the social network resources.Individual behavior embedded in social networks,and would be affected by non-economic factors of the network.The location of the individuals in the network determines the individual's ability to access resources.China is a traditional"relational society",which has a different from that in the west.Existing literatures show that the phenomenon between the board of directors of the listed companies is fairly common,so,this paper studies the influence of independent director on the investment efficiency of the company from the perspective of social network.This paper analyzes the influence of enterprise investment efficiency from the individual characteristics and the overall characteristics of the independent director network,selects four indicators of director network network centrality,structure hole index,scale and stability.With the help of social network theory,theory of information asymmetry as theoretical bases.Selecting the shenzhen A shares in China between 2010 and 2016 main board listed companies as the research objects,after screening,we received 1967 valid samples together,building multivariate regression model,by means of descriptive statistics,correlation analysis and regression analysis to giving out the corresponding conclusions and instructional guidance.This paper uses UCINET,a large social network analysis software,to calculate the respective independent director's network data,and borrows from Chen,F.et al(2010)improved Biddle et al(2009)studing model the return of capital investment and growth opportunity to estimate investment efficiency.Firstly,the article through theoretical derivation,and then by the empirical analysis,finally,we draw out the following conclusions:(1)the centrality of independent directors network and investment efficiency was significantly positive correlation,that is the centrality of independent directors is higher,they could be able to get more information and resources that embedded in the network,the more beneficial to the company to make more effective investment decisions.(2)The independent directors network structure hole has significant negative correlation to investment efficiency,namely,the restraint of the independent directors in the network is higher,the degree of dependence on the network is stronger,the ability to access resources will be weaker,which is not conducive to making reasonable suggestions on investment decisions of the company.(3)There is a significant positive correlation between independent director network scale and investment efficiency,and more information acquisition channels are conducive to the investment decisions of the enterprises.(4)The stability of independent directors network and investment efficiency has significant positive correlation,and that supports the theory of signal transmission,the exit of the individuals in the network will affect the network of social capital stock,the more stable network structure,the more beneficial to the improvement of the corporate investment efficiency.The research results of this paper can enrich the research results of investment efficiency and independent director governance in China.