董事连锁网络关系、公司信息环境与投资趋同行为

he existence of decision externalities makes the board network becomes an important channel for information transfer, and in the Chinese capital market with poor information environment, the role of board network has become more and more prominent. This paper combines with direct and indirect board network together and uses pair model to examine the influence of board network on corporate investment convergence. We find that: if two companies are connected by board network relationship, the level of investment and the changes of investment between the two companies are both more convergent. Besides, the convergence effect is increased with the strength of board network. In addition, when the formal channels of information transfer is bad, board network relationship becomes more important and the investment convergence effect of the two companies is more significant. Our results show that the two companies' investment decision-making are influenced by the board network, and board network is an important factor when making company policy, especially information obtaining and transfer. The conclusions of this paper provide further evidence for the crossover study of 'social networks and corporate finance'.