CEO网络嵌入性与企业价值

以社会网络理论为理论依据,本文构建了CEO网络嵌入性与企业价值关系的概念模型,提出CEO网络嵌入性与企业价值变化正相关的假设。运用结构方程方法的模型发展策略,选取2009年A股非金融保险业上市公司为样本,对概念模型与实证数据进行契合,得到一个在统计上与样本数据能够良好适配的理论模型。通过对模型进行实证检验,证实了本文所提出的理论假设和概念模型的合理性。

CEO Network Embeddedness and Enterprises Value

Based on the Social network theory,any organization or individual must have certain social relation with the world outside;it is embedded or suspended in the social network which is constructed by a variety of relationships and is multiple,complex and cross,and the relationships is the basic structure of social network.Explanation of economic behavior is carried out by the embeddedness in the particular social networks.CEO as the senior management of enterprise is embedded in the internal and external network;the network embeddedness determines the amount of social capital of CEO in the network structure,which could become the key for creating value for enterprises.When the CEO changed,his original internal and external network embeddedness are different from the successor CEO,so they could have different amount of social capital,which may lead to the change of enterprises value.Take this as a theoretical basis,the concept model of the relationships between CEO network embeddedness and enterprises value is constructed,and the assumptions that CEO network embeddedness is positive correlated with enterprises value are offered.The concept model uses structural equation modeling development strategy,and selects the A-share listed companies which is non-financial and insurance industry in 2009 as samples,and fits the conceptual model with empirical data,then gets a theoretical model which has a good fit with the sample data statistically.Through the empirical test,the rationality of proposed hypotheses of model and theoretical model are confirmed,namely: CEO internal and external network embeddedness can indeed be regarded as the path that CEO turnover affect the enterprises value.Through the evaluation of network embeddedness changes of the current CEO and the successor CEO,whether it is conducive to change CEO for enterprise value is determined,and providing a theoretical and empirical support for identify and distinguish the effective and ineffective strategy of CEO turnover.