MANAGEMENT SCIENCE · VOL. 63, NO. 8 · August 2017

公司融资决策与社交网络

作者：Cesare Fracassi (the University of Texas at Austin - The McCombs School of Business)

摘要：本文表明，在企业决策时，管理者受到其社交圈友人的影响。使用美国上市公司高管和董事的履历资料，本文将社交关系限定在管理者目前和过去的就职、教育和其他活动经历上。研究发现两家公司之间的相互联系越多，资本投资也越相似。为了解决内生性问题，本文研究发现，当连接两公司之间的个人死亡时，公司的资本投资相似度也减少。这个结论延伸到公司其他融资政策也同样成立。此外，处于社会关系中央的公司用较少特殊的方式进行投资，且具有较好的经济表现。

关键词：公司融资决策，社交网络，资本投资

Corporate Finance Policies and Social Networks

Cesare Fracassi (the University of Texas at Austin - The McCombs School of Business)

ABSTRACT

This paper shows that managers are influenced by their social peers when making corporate policy decisions. Using biographical information about executives and directors of U.S. public companies, we define social ties from current and past employment, education, and other activities. We find that more connections two companies share with each other, more similar their capital investments are. To address endogeneity concerns, we find that companies invest less similarly when an individual connecting them dies. The results extend to other corporate finance policies. Furthermore, central companies in the social network invest in a less idiosyncratic way and exhibit better economic performance.

Keywords: corporate finance policy decisions; social networks; capital investments

原文链接：http://pubsonline.informs.org/doi/abs/10.1287/mnsc.2016.2433

翻译：景薇