| In recent years,real enterprises have faced challenges such as overcapacity and insufficient demand,and their willingness to invest has been low.The financial industry、real estate industry with short return cycle,high yield advantage expansion.In this context,entity enterprises gradually deviate from their main business and increase the proportion of investment in financial assets,leading to the gradual enhancement of the trend of enterprise financialization.The part-time behavior of directors is a common phenomenon in enterprises,The existence of interlocking directors enables different enterprises to build a network of interlocking directors through direct or indirect connections.Enterprises in different positions in the interlocking directorate network will have different abilities to obtain information and resources,and will have different willingness and scale to allocate financial assets.Aiming at the phenomenon of financialization of real enterprises,based on the perspective of interlocking directorate network position,this paper explores the causes of enterprise financialization from the perspective of social network,and makes targeted policies to guide the economy to "change from the virtual to the real",which is of great significance for promoting the high-quality and sustainable development of the economy.Specifically,based on the social network theory,reciprocity theory,resource dependence theory,principal-agent theory and busy director theory,this paper makes a theoretical analysis of the relationship between the interlocking directorate network location and the financialization of enterprises.On this basis,China’s Shanghai and Shenzhen A-share listed enterprises from 2007 to 2020 were selected as research samples to empirically test the impact of the network center degree and structural hole position of interlocking directors on the financialization of enterprises.First,the benchmark regression model is established to explore the influence of network location on the financialization of enterprises.Secondly,the mediation effect model is established,and the regression coefficient method is tested step by step,and the financing constraint and agent cost are used as the mediation variables.Thirdly,the type of enterprises,the independence of the board of directors and the degree of attention of analysts are taken as the grouping criteria,and the heterogeneity characteristics of the influence of the network location on the financialization of enterprises are tested by samples.Finally,the variable of economic policy uncertainty is introduced into the benchmark regression model to explore the influence of the informal system of interlocking directorate network on micro-enterprise behavior in the realistic macroeconomic background.The study found that,first,when the enterprise is in the central position and occupies a rich structure hole position,that is,when the enterprise is in the dominant position in the interlocking directorate network,it plays a significant role in promoting the financialization of enterprises.After solving the possible endogeneity problem by lagging the explanatory variables and introducing the instrumental variables,the conclusion is still significant,and further,the robustness of the regression results is confirmed by using multiple methods.Second,the results of the mechanism research show that enterprises in the dominant position in the interlocking directorate network promote enterprise financialization through two paths:alleviating financing constraints and enhancing agency costs.Third,the positive impact of interlocking directorate network location on enterprise financialization is significant among state-owned enterprises、 enterprises with low independence of the board of directors、and enterprises with high attention from analysts.Fourthly,with the improvement of economic policy uncertainty,the positive impact of the center degree and the position of structural holes on the financialization of enterprises is suppressed. |
