Inter-firm networks are one of the core modes of corporate governance.However, its formation mechanism is not clearly and adequately delineated.This article highlights the significance of property rights to the formation mechanism of inter-firm networks.Using interlocking directorate data from Chinese listed companies during the years 2000--2010, we investigate the association between ownership and network formation, both at the individual attribute level and dyadic level.Results show that companies owned or controlled by the state are more likely to form interlocking networks, and these relations tend to emerge among the companies which have identical ownership; the higher administrative level the state-controlled companies are affiliated to, the more likely they form networks.Meanwhile, the perspectives of economic efficiency still have some explanatory power.

马磊

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