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论文类型：期刊论文

发表时间：2020-01-01

发表刊物：RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE

收录刊物：SSCI

卷号：51

ISSN号：0275-5319

关键字：Supply network; Agency conflict; Financial constraints; Overinvestment; Underinvestment

摘要：Using social network analysis, we compute a firm's network position characteristics and then examine their effects on firm investment efficiency. The results show that both supply network centrality and structural holes have no significant impact on corporate overinvestment but can ease corporate underinvestment by alleviating financial constraints. The specific paths are as follows: a firm that has a high level of centrality or rich structural holes in the supply network is more likely to obtain commercial credit and bank loans; however, supply network position has no significant impact on equity financing.