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社会关系可以通过促进信息流通来提升公司价值,也可能削弱公司治理能力。本文对国内外社会关系对公司价值影响的相关文献进行了梳理,发现研究中社会关系的类型主要集中在高管-董事会间社会关系,并主要从盈余管理、高管薪酬、投融资决策、研发创新等角度进行了对公司价值影响的量化分析。同时建议我国学者在未来还可以从从社会关系如何影响独立董事任命、内部控制存在重大缺陷的可能性、审计质量等角度开展深入研究。
Social relationships can enhance the value of a company by facilitating the flow of information, or it can weaken the ability of corporate governance. This paper reviews the literature on the impact of social relations on corporate value at home and abroad, and finds that the types of social relations in the study are mainly concentrated in the social relations between the executive and the board of directors, and mainly from the earnings management, executive compensation, investment and financing decisions, research and development Innovation and other aspects of the value of the company’s quantitative analysis. In the meantime, it is suggested that scholars in our country can further study from the perspectives of how social relations affect the appointment of independent directors, the possibility of major deficiencies in internal control and the quality of auditing.