海外背景董事与实体企业金融化被引量：24

Overseas Background of Directors and Financialization of Entity Enterprises

下载PDF

导出

摘要基于高阶梯队理论,本文以2008~2018年中国A股上市公司为样本,研究了海外背景董事对实体企业金融化的影响。研究发现:海外背景董事能够抑制实体企业金融化。从作用机制上看,海外背景董事通过促进企业实业投资和提高内部控制质量来抑制实体企业金融化。拓展研究表明:董事兼具海外任职和海外学习背景以及担任关键职位的海外背景董事对实体企业金融化的抑制作用更为明显;相比短期金融化,海外背景董事对实体企业长期金融化的抑制作用更为明显;海外背景董事对实体企业金融化的抑制作用在金融化程度较高的企业和非国有企业中更为显著。研究结论丰富了企业金融化的影响因素研究。同时,对企业董事会有效性建设具有重要的启示意义。 Based on the upper echelons theory,this paper takes China’s listed companies in A-share market from 2008 to 2018 as samples to study the impact of directors with overseas background on the financialization of entity enterprises.The study finds that directors with overseas background can significantly inhibit the financialization of entity enterprises.Mechanism test shows that directors with overseas background can restrain the financialization of entity enterprises by promoting enterprise industrial investment and improving the quality of internal control.Further research shows that directors with both overseas working and overseas learning background as well as overseas background directors with key positions have a stronger negative effect on the financialization of entity enterprises;compared with entity enterprises’short-term financialization,the directors with overseas background have a stronger negative effect on the long-term financialization of entity enterprises;overseas background directors’restraining effect on the financialization of entity enterprises is more obvious in enterprises with higher degree of financialization and non-state-owned enterprises.The research conclusions enrich the study of the economic consequences of overseas background directors.At the same time,it has important implications for the effectiveness of corporate board of directors.

作者龚光明肖冰瑜 Gong Guangming;Xiao Bingyu(School of Business Administration,Hunan University,Changsha 410082,China)

机构地区湖南大学工商管理学院

出处《工业技术经济》 CSSCI 北大核心 2020年第9期121-129,共9页 Journal of Industrial Technological Economics

关键词海外背景高阶梯队理论实体企业金融化企业实业投资内部控制质量董事会 overseas background upper echelons theory financialization of entity enterprises enterprise industrial investment internal control quality board of directors

分类号 F272.91 [经济管理—企业管理] F275 [经济管理—国民经济]