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企业可以借助关系网络获取稀缺资源,进而制定风险小和收益大的融资决策。研究发现,上市公司嵌入董事网络有助于获取债务融资,这主要通过影响融资规模、融资成本以及期限结构的途径实现。董事网络借助中心位置和结构洞位置对融资规模和长期债务产生显著正向影响、对融资成本和短期债务产生显著负向影响。在信息不对称冲击下,董事网络同样对上市公司的债务融资发挥积极作用,这主要体现在更大的融资规模、更低的融资成本以及更长的债务期限。总之,董事网络嵌入有助于上市公司获取债务融资,并且能够缓解公司丑闻产生的负面冲击。由此,本文将董事网络的资源获取作用具体化并厘清了其增进债务融资作用机理,从而为上市公司如何构建和优化董事网络提供了融资方面的借鉴。
Enterprises can use the relationship network access to scarce resources, and then develop a small risk and return of large financing decisions. The study found that the listed companies embedded in the network of directors helps to obtain debt financing, mainly through the impact of financing scale, financing costs and the term structure to achieve. The network of directors has a significant positive impact on the scale of financing and long-term debt with the location of the center and the location of the structural hole, with a significant negative impact on financing costs and short-term debt. Under the asymmetric information, the network of directors also plays an active role in the debt financing of listed companies, which is mainly reflected in the larger financing scale, lower financing costs and longer debt maturity. In short, the embedded network of directors helps listed companies obtain debt financing and can mitigate the negative impact of the corporate scandal. Therefore, this article concreteizes the role of resource acquisition of directors’ network and clarifies its mechanism of enhancing debt financing, which provides reference for listed companies how to build and optimize the network of directors.