摘要
选取我国A股上市公司2010—2019年度数据,从企业内部管理层视角出发,探究管理层能力对企业金融化的影响,并分析产品市场竞争这一外部监督的作用,产品市场竞争作为调节作用对两者关系的影响。结果表明:管理层能力的提升显著降低了企业金融化水平;产品市场竞争程度的提高显著增强了管理层能力对企业金融化的抑制效应。该研究为引导企业“脱虚向实”提供了新的视角。
By selecting the annual data of China’s A-share listed companies from 2010 to 2019,this paper explores the impact of managerial ability on corporate financialization from the perspective of internal management,and analyzes its impact on corporate financialization from the perspective of market competition,as well as the impact of market competition as a regulating effect on the relationship between them.The results show that:the improvement of managerial ability significantly reduces the level of corporate financialization;the improvement of market competition significantly enhances the inhibiting effect of managerial ability on corporate financialization.This study provides a new perspective for guiding enterprises to“get rid of the virtual to the real”.
作者
丰琼英
黄子玲
FENG Qiongying;HUANG Ziling(Guangdong University of Petrochemical Technology,Maoming 525000, China;School of Finance, City University of Macao, Macao 999078, China)
出处
《广东石油化工学院学报》
2022年第3期86-90,共5页
Journal of Guangdong University of Petrochemical Technology
关键词
产品市场竞争
管理层能力
企业金融化
product market competition
managerial ability
corporate financialization
