Independent Directors Governance,Supply Chain Relationship and Cost of Equity Capital

Abstract

Abstract: Based on the data of A-share Listed manufacturing companies in China from 2009 to 2016,this paper empirically tests the impact of the supply chain relationship on the cost of the equity capital. On this basis, the governance role of independent directors' network position on the relationship between the supply chain relationship and the equity capital cost is further investigated through the social network analysis method. The results show that the supply chain concentration is positively related to the cost of the equity capital,but this relationship is more significant when the independent director's network position is poor. It shows that independent directors with better network location can help enterprises get more social capital,alleviate resource dependence and exert governance effects,thus inhibiting the adverse effects of high concentration of supply chain on the equity capital cost. The conclusions of this study enrich the mechanism of the supply chain relationship on the cost of the equity capital,and provide new solutions for enterprises to mitigate the operational risks arising from excessive reliance on the supply chain relationship.

Key words: Supply Chain Relationship, Cost of Equity Capital, Independent Directors, Network Position, Governance Effect

摘要： 本文以2009～2016年我国A股制造业上市公司为研究样本,检验了供应链关系对企业股权资本成本的影响。在此基础上,利用社会网络分析方法进一步考察了独立董事通过董事网络发挥的治理作用对供应链关系与股权资本成本之间关系的影响。研究结果表明:供应链集中度越高,企业的股权资本成本越高,二者显著正相关;进一步研究发现这种关系在独立董事网络位置较差时更加显著。说明网络位置较好的独立董事可以帮助企业获得更多的社会资本,缓解外部资源依赖,发挥更有效的治理效应,从而抑制供应链集中度过高对股权资本成本带来的不利影响。研究结论丰富了供应链关系对股权资本成本的作用机理,并为企业缓解过度依赖供应链关系交易所产生的不利影响提供新的解决思路。

关键词: 供应链关系, 股权资本成本, 独立董事, 网络位置, 治理效应

CLC Number:

F270.3

SHAN Wentao, ZHAO Xiuyun. Independent Directors Governance,Supply Chain Relationship and Cost of Equity Capital[J]. , 2018, 34(6): 55-64.

单文涛, 赵秀云. 独立董事治理、供应链关系与股权资本成本[J]. 财经论丛, 2018, 34(6): 55-64.

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