当前我国经济发展正处于重要的战略转型期，企业经营所面临的环境也更为 严峻和复杂，经营者需要做好充分准备以应对所有可以预期和难以预期的风险挑 战。董事在不同企业董事会中的兼任行为形成了连锁董事网络，架起了企业间互 帮互助的桥梁。连锁董事网络在应对不确定性、构建信息交换渠道、促进企业创 新等方面具有其他社会网络所不具有的不可比拟的优势，因此，处于激烈竞争环 境中的企业纷纷将目光转向连锁董事网络，通过建立企业间直接或间接的相互信 任的连锁董事关系，获取个人或企业嵌入网络中的社会资本，谋求企业的更好发 展。随着企业步入关系网络竞争时代，学者们将社会网络的相关理论和分析方法 引入其对企业绩效影响的研究领域，探究连锁董事网络对上市公司绩效的影响。 但由于所处环境背景不同和研究样本的差异，针对两者间关系的研究尚未得出一 致结论。为了更加清晰地探究两者间的关系以及其他变量在其中发挥的中介或调 节作用，本文在研究时加入了组织冗余这一中介变量和两职合一这一调节变量， 在探究连锁董事网络对企业绩效影响的基础上，从组织冗余的视角出发，探究两 职合一在由连锁董事网络带来的组织冗余降低对企业绩效的影响中发挥的调节 作用。 本文以 2013-2017 年深圳交易所主板 A 股上市公司为研究样本，按照一定 的数据筛选与处理方法，获取符合连锁董事条件的董事任职信息。在此基础上利 用大型社会网络分析软件 UCINET 构建连锁董事网络，计算衡量网络中“节点” 位置的中心度指标。通过构建连锁董事网络、组织冗余、两职合一与企业绩效之 间的关系模型对本文四个研究假设进行回归检验，基于实证分析的结果本文得出 以下结论：第一，连锁董事网络与企业绩效呈显著正相关关系，网络中心度越高 企业绩效越好；第二，连锁董事网络与组织冗余显著负相关。企业外部连锁董事 网络的建立，使企业以低成本从关系网络中搜寻并获取所需要的资源，降低企业 内部主动或被动持有的组织冗余；第三，组织冗余在连锁董事网络与企业绩效关 系中起到部分中介作用，连锁董事网络通过降低组织冗余持有进一步对企业绩效 产生间接的积极影响；第四，两职合一在组织冗余与企业绩效的关系中起调节作 用，董事长与 CEO 的两职合一强化了两者间的负相关关系；在文章的最后部分，II 本文结合连锁董事网络、组织冗余、两职合一以及上市公司企业绩效之间关系的 实证检验结果，对我国上市企业建立连锁董事关系和选择合适的治理制度提出帮 助性建议，阐述本研究中存在的不足并对未来研究进行了展望。 关键词：社会网络，连锁董事网络，组织冗余，两职合一，企业绩效III INTERLOCKING DIRECTORS NETWORK， ORGANIZATIONALSLACKAND FIRM PERFORMANCE Abstract Nowadays, the development of China's economy is stepping into an important period of strategic transformation, managers need to be fully prepared to cope with all predictable and unpredictable risks or challenges in that kind of severe and complex environment. The interlocking directors network is formed due to one director lists on the board of another company, which set up a bridge between enterprises to help each other. The interlocking directors network has some incomparable advantages in dealing with uncertainty, building information exchange channels and promoting innovation which other social networks do not have. Therefore, companies in the fiercely competitive environment have paid their attention to the network of interlocking directors, obtaining the social capitals of individuals or enterprises embedded in the networkbyestablishing direct or indirect mutualtrust relationships and seek for abetter performance of the company. As enterprises entering the era of network competition, scholars apply the relevant theories and analytical methods of social networks into their research on corporate performance, exploring the impact the interlocking directors network has on the performance of listed companies. However, due to the different environmental backgrounds and differences in research samples, the studyof the relationship between the two have not yet reached a conclusion. In order to explore the relationship between the two and the intermediary or regulatory role played by other variables more clearly, this paper introduces the mediator variable of organizational slack and the adjustment variable of CEO duality into the research. Based on the impact the network position of interlocking directors has on the performance, we study the role of CEO duality in adjusting the relationship between the reduction of organizational slack caused by interlocking directors network and corporate performance from the perspective of organizational slack.IV This paper uses the main board listed companies of Shenzhen Stock Exchange during the period of 2013-2017 as research sample, and obtains employment information of directors who fit the definition of interlocking directors based on certain data screening and processing standards. Then the large-scale social network analysis software UCINETis used to build a networkof interlocking directors, andthe centrality index which describe network position of the “node” is calculated. The regression analysis of the four research hypotheses are carried out after we construct the relationship models between interlocking directorsnetwork,organizationalslack , CEO duality and enterprise performance. In the end, the paper draws the following conclusions: First, the relationship between interlocking directors network and corporate performance is significantly positive, the higher the network centrality the better the enterprise performance; Second, the interlocking directors network is significantly negative correlated with organizational slack. The establishment of external interlocking directors network enables enterprises to search for and obtain the required resources at a low cost, reducing the organizational slack actively or passively held in the organization. Third, organizational slack partly mediates the relationship between interlocking directors network and enterprises performance. The interlocking directors network has an indirect positive impact on corporate performance through lowering organizational slack. Fourth, the CEO duality plays as an adjusting role between organizational slack and corporate performance. The CEO duality strengthens the negative correlation between them. In the last part of this article, we provide some helpful advices based on the empirical results of the relationship between the interlocking directors network, organizational slack, CEO duality and listed company performance in establishing interlocking directors relationship and choosing the suitable governance arrangement. What’s more we expound the shortcomings in this studyand look forward to the future research. Keywords: social network，interlockingdirectorsnetwork，organizationalslack， CEO duality ,firm performanceV 目 录 中文摘要................................................................................................. I Abstract .................................................................................................III 第一章 绪论.........................................................................................1 1.1 研究背景与意义 ........................................................................................ 1 1.2 研究内容 .................................................................................................... 2 1.3 研究方法与创新点..................................................................................... 4 1.3.1 研究方法......................................................................................................4 1.3.2 创新点..........................................................................................................4 第二章 文献综述 .................................................................................5 2.1 相关概念界定 ............................................................................................ 5 2.1.1 连锁董事与连锁董事网络 .................................................................. 5 2.1.2 组织冗余 ............................................................................................. 5 2.1.3 两职合一 ............................................................................................. 6 2.2 文献综述 .................................................................................................... 6 2.2.1 关于连锁董事网络的相关研究......