Research On The Influence Of Shareholder Social Network On Corporation Value Of A-Share Electronic Information Manufacturing Industry

With the deepening of research on corporate financial behavior,more and more scholars are paying attention to the cross field of social network and corporate value.And it's becoming a new trend that studying corporate value by introducing social network analysis.Corporations are embedded in specific social networks,which can bring information and control advantages with great value.In order to study the impact of social network on corporation value,we selected the listed companies of A-share electronic information manufacturing industry from 2012 to 2017 as sample samples.We extracted data of the top ten shareholders and build the 1-layer social network of "company to company" from perspective of the shareholders interlock.Based on social network theory,structural holes theory,resource dependence theory and information asymmetry theory,we used social network analysis and empirical research to study the relationship between social network and corporate value by using both social network centrality and structural hole.Besides,we introduced environment uncertainty as our moderating variable and study the moderating effect of environment uncertainty on the relationship between social network and corporate value,at the same time we explained the mechanism that how social network can enhance the corporate value from the perspective of information and control advantages.It is concluded that information and control advantages embedded in shareholder social network play an significant role in enhancing corporate value,and environment uncertainty can positively moderate social network enhancing corporate value.This article has three innovation points.First,the innovation of research objects,existing research built networks from dimensions of executives or directors,and most of the research explored how the networks influence investment decisions,M&A performance,R&D,corporate governance and executive compensation.However,we build the network for the first time from the dimension of shareholder to explore the impact of shareholder network on corporate value.Second,the innovation of research perspective,most of existing research studied the mechanism that how social network can improve corporate performance from the dimension of corporate governance.But we studied the mechanism from the dimension of resource value contained in social network.Third,the innovation of research method,we used social network analysis to introduce the sociological research method into management science and discussed the influence of social network on corporate finance in interdisciplinary area.The research results provide a brand-new perspective in measuring corporate value,companies in the center of networks have access to rich resources and have higher corporate value to a certain extent.At the same time,companies can build wide shareholder interlocks to enhance their positions in networks as well as achieve their goal of improving corporate value.