The Impact Of Cross Shareholding Network On Corporate Investment Efficiency

With the development of economic globalization,the external environment of enterprises is becoming more and more complex.On the one hand,the rapid and changeable market demand has increased the uncertainty of the business environment,and put forward new requirements for the innovation of the form of enterprise production and organization.In addition,with all kinds of production factors breaking through time and geographical restrictions,free exchange on a global scale,which put forward higher requirements for enterprises to have the resources of their own configuration and integration ability.The third kinds of forms of organization enterprise relationship network formed the difference between the market and hierarchical organization.The organization can help enterprises form strategic alliances,complementary resources,sharing and risk sharing,which can effectively improve the efficiency of enterprise resource allocation.In addition,the organization can make up for the lack of market mechanism and effectively weaken the limitation of external mechanism on the development of enterprises.With the phenomenon of cross shareholding in China's listed companies frequently appear.This new form of network has gradually entered the eyes of researchers.Cross sh areholding network is a kind of inter firm relationship network,and its network resource allocation capability needs to be verified.And cross ownership itself is a long-term investment behavior,whether its ownership behavior itself and its network relationship will have an impact on the efficiency of the capital allocation of the enterprise,which is worthy of our in-depth exploration.Based on this,this paper examines the impact of cross shareholding networks on investment efficiency from the perspective of social network.And it also examines the moderating effect of market intermediary organization development on the relationship between the two parties.Based on theoretical analysis and empirical test,the feasibility of the proposal has be presented to guide the practice significantly.Based on the literature research and theoretical research,firstly,we measured the position of cross shareholding network characteristics and investment efficiency.By the method of social network analysis we got the cross shareholding network node degree centrality and structural hole richness index.By the residual of non efficiency investment model of Richardson we got the whole enterprise index of investment efficiency.Secondly,using fixed effect of unbalanced panel data regression model to empirically test the impact of cross shareholding network on corporate investment efficiency.The empirical finds that node degree centrality and structural hole richness has a significant role in promoting on investment efficiency.And it is mainly achieved by two ways of alleviating the under investment and restraining the over investment of enterprises.Again,by adding interaction terms on basic model of different regional market intermediary organization development adjustment effect on the relationship between cross shareholding network and the efficiency of investment,the empirical results show that the development of market intermediary organizations will weaken remarkably the effects of cross shareholding network on investment of enterprise.Finally,through analysis of the empirical results,we put forward policy recommendations from the two perspectives of the company level and the government level.