中文摘要：

文章利用制造业上市公司面板数据,研究了独立董事社会网络对于企业投资效率的影响,包括独立董事网络规模、网络构成和网络密度等社会网络特征变量所产生的影响。实证研究表明,独立董事网络规模与投资效率无显著相关关系;独立董事社会网络构成的任职背景和时间非冗余性、网络密度均有助于抑制非效率投资。基于以上研究结论,文章建议加强资本市场以及独立董事的制度建设与规范。

英文摘要：

Based on the panel data of listed manufacturing companies, this paper studies the impact of social networks of independent directors on business investment efficiency, which include network size, network configuration and network density as well as other characteristic variables. The empirical study shows that the network size of independent directors has no significant correlation with investment efficiency, and the office background, time non redundancy of network configuration and network density of independent directors are conducive to suppressing inefficient investment. Based on the above conclusions, the paper proposes that institution construction and regulation of capital market and independent directors should be strengthened.