摘要
近年来,实体经济增速放缓,与之相反,金融业却进入了高速发展的阶段,越来越多的企业为了转型发展和扩大利润而涉足金融行业,中国逐渐出现了"企业金融化"现象。在此背景下,基于烙印理论,本文选取中国沪深A股2008—2016年上市公司为样本,研究了CEO金融背景与企业金融化的关系,并探讨了其中的作用机制、作用环境以及CEO金融背景在企业金融化产生的经济后果中扮演的角色。研究发现:CEO金融背景对企业金融化具有显著的正向影响,其中,非银行金融背景产生的正向作用更为强烈;在控制内生性之后,结论仍然成立。进一步地,作用机制检验表明,CEO金融背景主要通过提高CEO自信程度和缓解融资约束来促进企业金融化。研究CEO金融背景对企业金融化的作用环境时发现,在国有企业和制度环境较好的企业中,CEO金融背景对企业金融化的正向影响更为明显。最后,本文还发现,尽管实体企业金融化会加剧企业的经营风险,但CEO金融背景的存在会弱化企业金融化对企业风险的作用。本文从管理者行为的视角拓展了烙印理论的应用范围,丰富了高管金融背景和企业金融化相关领域的研究。同时,也为企业和监管部门防范金融风险、引导投资者树立正确的心理认知和价值理念提供了相关依据。
In recent years, the growth rate of real economy has slowed down. On the contrary, the financial industry has entered a stage of rapid development. More and more enterprises are involved in the financial industry in order to transform and expand profits. China has gradually emerged the phenomenon of “enterprise financialization”. In this context, based on imprinting theory, this paper chooses listed companies in Shanghai and Shenzhen A-share market from 2008 to 2016 as samples to study the relationship between CEO’s financial background and corporate financialization. It also discusses the mechanism, environment and the role of CEO’s financial background in the economic consequences of enterprise financialization. The research finds that CEO’s financial background has a significant positive impact on corporate financialization, among which the non-bank financial background has a stronger positive effect;after controlling the endogenous, the conclusion is still established. Further, the mechanism test shows that CEO’s financial background mainly promotes the financialization of enterprises by improving the confidence of CEO’s and easing financing constraints. When we study the effect environment of CEO’s financial background on enterprise’s financialization, we find that the positive impact of CEO’s financial background on enterprise’s financialization is more obvious in state-owned enterprises and enterprises with better institutional environment. Finally, this paper also finds that although the financialization of the entity enterprises will aggravate the operational risk, the existence of CEO’s financial backgrounds will weaken the effect of enterprise financialization on the enterprise risk. This paper extends the application scope of imprinting theory from the perspective of manager behavior, and enriches the research of executives’ financial background and financialization of entity enterprises. At the same time, it also provides relevant basis for enterprises and regulatory departm
作者
杜勇
谢瑾
陈建英
DU Yong;XIE Jin;CHEN Jian-ying(School of Economics and Management,Southwest University, Chongqing 400715, China)
出处
《中国工业经济》
CSSCI
北大核心
2019年第5期136-154,共19页
China Industrial Economics
基金
国家自然科学基金面上项目"社会资本视域下的中国上市公司亏损逆转质量:结构特征
驱动机理与经济后果"(批准号71572153)
重庆市社会科学规划项目"非金融上市公司金融化的同伴效应研究"(批准号2018PY61)
中央高校基本科研业务费专项资金重大培育项目"新常态下管理者亏损风险感知对公司金融化行为偏差的影响机理及经济后果研究"(批准号SWU1709201)
关键词
金融背景
实体企业金融化
烙印理论
融资约束
financial background
financialization of entity enterprises
imprinting theory
financing constraints
