分类号F8密级
U D C 005编号
硕士学位论文
连锁董事网络对内部控制质量的
影响研究
研究生姓名：李青
指导教师姓名、职称：赵玉芳讲师
申请者类别：非专项计划
申请者学习方式：全日制
学科门类：管理学
专业名称：财务管理
研究方向：公司财务
入学时间：二〇二〇年九月
二〇二三年六月
The Effect of Interlocking Director
Network on Internal Control Quality
by
Li Qing
2023.06
连锁董事网络对内部控制质量的影响研究
摘要
近年来我国上市公司中的董事兼任现象越来越普遍。在两家或两家以上企业同时
担任董事职务的董事被称为连锁董事。随着经济社会市场竞争的加剧和分工协作水平
的不断提高，企业与其他组织之间的联系日益紧密。以连锁董事作为连接点形成的连
锁董事网络逐渐成为企业减少环境不确定性与增强自身竞争力的重要平台。一方面，
当企业聘任连锁董事时，可以同时获取连锁董事自身携带的知识、经验、技能等人力
资本以及信息渠道、人脉等社会资本；另一方面，连锁董事网络有助于企业之间传递
信息和资源。连锁董事网络会影响公司治理，这一观点已经得到大量文献的验证。内
部控制作为公司治理的重要方面，是否会受到连锁董事网络的影响，是一个具有探讨
意义的问题。
基于上述背景，本文的研究思路如下。首先，本文系统地回顾了连锁董事网络、
内部控制质量以及二者关系的相关文献，并对现有的文献进行评述，通过对文献的梳
理与评述进一步阐明本文研究问题的出发点。其次，本文依托社会网络理论、资源依
赖理论和高层梯队理论对连锁董事网络与内部控制质量的关系进行机理分析，并且探
讨连锁董事薪酬状况、专业背景的调节作用，进而结合我国连锁董事网络与内部控制
的实际状况提出研究假设。再者，以2012-2021年A 股上市公司为样本，建立回归模
型，对前述假设进行验证。实证研究的结果表明：第一，连锁董事网络对于企业内部
控制具有显著有效的治理效果，较高的连锁董事网络中心度，意味着企业在连锁董事
网络占据着有利的中心地位，能为企业内部控制建设带来更多的机会与资源，从而促
进内部控制质量的提升；第二，连锁董事网络对企业内部控制的治理效果受到连锁董
事薪酬状况的抑制性调节影响；第三，连锁董事的专业背景有助于增强连锁董事网络
对企业内部控制的治理效果；第四，连锁董事网络与内部控制质量的关系不仅体现在
独立董事网络中，也体现在非独立董事网络中。最后，本文从研究结论出发，提出构
建合理的董事会结构和内部控制机制以促进企业发展的对策和建议，总结本研究存在
的局限，并对未来研究方向提出展望。
本文不仅能够拓宽连锁董事网络领域的研究范围，为完善内部控制提供理论依据，
还可以从网络关系这一视角探索影响内部控制质量的新因素。企业可以通过对董事会
结构进行适当调整，设计合理的董事薪酬结构，重视董事专业技能的提升等方式，提
升内部控制的治理效果。
关键词：连锁董事网络；中心度；内部控制
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连锁董事网络对内部控制质量的影响研究
Abstract
In recent years,it has become more and more common for directors to be concurrent
directors in listed companies.A director who holds a formal position in two companies at
the same time is called an interlocking director.With the intensification of market
competition,the continuous improvement of division of labor and cooperation level,
enterprises and other organizations are increasingly closely connected.The interlocking
director network,which takes interlocking directors as the connection point,has gradually
become an important platform for enterprises to reduce environmental uncertainty and
enhance their competitiveness.On the one hand,when an enterprise hires an interlocking
director,it can obtain human capital such as knowledge,experience and skills brought by
the interlocking director and social capital such as information channels and contacts.On
the other hand,interlocking director networks help to transfer information and resources
between enterprises.The idea that interlocking director network will affect corporate
governance has been verified by a large amount of literature.As an important aspect of
corporate governance,whether internal control will be affected by interlocking director
network is a significant issue to be discussed.
Based on the above background,the research path is as follows.First of all,this thesis
systematically reviews the literature related to interlocking director network,internal
control quality,and the influence of interlocking director network on internal control
quality,and reviews the existing literature,and further clarifies the starting point of this
research.Secondly,based on the social network theory,resource dependence theory and
upper echelon theory,the mechanism of the relationship between interlocking director
network and internal control quality is analyzed,and the moderating effect of interlocking
director compensation and professional background is discussed,and then the research
hypotheses are proposed.Furthermore,taking A-share listed companies from 2012to 2021
as samples,a regression model is established to verify the above hypotheses.The research
conclusions of this thesis are as follows.Firstly,the interlocking director network has a
significant and effective governance effect on the internal control of enterprises.The
higher centrality of the interlocking director network means that enterprises occupy a
favorable central position in the interlocking director network,which can bring more
opportunities and resources in the construction of internal control,so as to promote the
improvement of the quality of internal control.The governance effect of interlocking
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Abstract
director network on internal control is negatively affected by interlocking director
compensation.Thirdly,the professional background of interlocking directors helps to
enhance the governance effect of interlocking directors network on enterprise internal
control.Fourthly,the relationship between interlocking director network and internal
control quality is not only reflected in the independent director network,but also in the
non-independent director network.Finally,based on the research conclusions,this thesis
puts forward countermeasures and suggestions to build a reasonable board structure and
internal control mechanism to promote the development of enterprises,summarizes the
limitations of this study,and puts forward prospects for future research directions.
This thesis can not only broaden the scope of research in the field of interlocking
director network and provide theoretical basis for improving internal control,but also
explore new factors affecting the internal control quality from the perspective of network
relations.Enterprises can improve the governance effect of internal control by properly
adjusting the structure of the board of directors,designing a reasonable salary structure of
directors and attaching importance to the improvement of directors'professional skills.
Key Words:interlocking director network;centrality;internal control
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