Empirical Study On Effect Of Board Networks On The Finance Constrains Of Listed Companies

The classical financing constraint theory holds that information asymmetry and agency problem in imperfect financial markets are the important causes of financing constraints.In recent years,with the development of social network research,composed of directors part-time director of network is more and more attention,the literature emerge in endlessly but only studied the director network one aspect of the impact of financing constraints,and no mechanism involved.Therefore,summarized and analyzed in this paper,the existing research,director of the network relation intensity,the network location has a positive influence on listed companies' financing constraints,this approach is that governance role effect and information effect.Is adopted in this paper,and then the a-share listed companies from 1999 to 2016 of the 15696 valid samples as the research object,investigates the director of the network and the characteristics of the present situation of the listed companies financing constraints and using econometric model test the board director network intensity and network position influence on listed companies financing constraints,and examined the mechanism of action.In this paper,the research found that: the director network can alleviate the financing constraints,the company power center degree is higher,structural hole location is more rich,the investment-cash flow sensitivity of the strength of relief,and the structure hole position is stronger than the effect of network center;The comparison between groups shows that there is heterogeneity in the mitigation of the financing constraints of listed companies by the director network.Specifically,the network of directors has a stronger effect on private enterprises and Midwest enterprises.In terms of the mechanism of action,the way to mitigate corporate financing constraints is the governance effect(inhibition of agency problem)and information effect(reduce information asymmetry).The conclusions of the SA index on financing constraints and endogenous problems are still robust.Therefore,in the internal governance of listed companies in our country,the listed company should give full consideration to director of network information effect and governance effect,efforts through interlocking directorates ties this informal system,force to exert its active influence on financing constraints,provide support for the project investment.In addition,the financial supervision and regulation department and external financial services institutions need to work together to create a good external environment for the listed company,and strive to reduce the financial market is not perfect,imperfect information disclosure of financing constraints problem.