摘要
“穷则思变”是企业业绩下滑时的惯性思维,其中股权投资是主营业务表现不佳时企业的重要投资选择。通过选取2011-2019年我国A股上市公司作为研究对象,利用面板数据系统广义矩估计方法分析了企业主营业务盈利能力对企业股权投资规模的影响,并进一步探讨高管背景特征的调节效应,实证结果表明:上一年度企业主营业务盈利能力对企业本年新增股权投资规模存在“U型”影响,即盈利很差和很好的企业新增股权投资规模更大;高管特征对二者的关系产生显著的调节作用,激进型高管(男性、低龄、低学历)存在正向的调节作用,保守型高管(女性、高龄、高学历)存在负向的调节作用。
“The poor will change”is the habitual thinking when the performance of enterprises declines,in which equity investment is an important investment choice.By selecting 2011-2019 A-share listed companies as the research object and using the generalized moment estimation method of panel data system,this paper analyzes the impact of corporate profitability on the scale of corporate equity investment,and further explore the moderating effect of executives’background.Empirical research shows that last year’s corporate profitability has a“U-shaped”impact on the scale of new equity investment,that is,the scale of equity investment of enterprises with poor profit and good profit is larger.The executives’background have a significant moderating effect on the relationship between them,radical executives(male,younger,lower education)have a positive regulatory roleand conservative executives(female,senior,high education)has a negative regulatory effect.
作者
王染
徐运保
WANG Ran;XU Yun-bao(School of Business,Hunan Agricultural University,Changsha Hunan 410128;School of Management,Hunan Institute of Engineering,Xiangtan Hunan 411104)
出处
《湖南财政经济学院学报》
2022年第5期85-91,共7页
Journal of Hunan University of Finance and Economics
基金
湖南省社会科学成果评审委员会课题“全球产业链重构对湖南制造业的影响与对策研究”(项目编号:XSP21YBC018)
湖南省教育厅科学研究项目“湖南省中小制造企业数字化转型高质量发展路径研究”(项目编号:21B380)
湖南工程学院重点科研项目“制造业企业财务危机对投资战略调整的研究”(项目编号:XJ2006)。
关键词
主营业务
盈利能力
企业股权投资
高管背景特征
main business
profitability
enterprise equity investment
executives’background
