摘要
随着宏观经济政策不确定性的提升,微观企业的资源配置将倾向金融化。本文以2008~2019年中国沪深A股上市企业为研究样本,实证检验经济政策不确定性对企业金融化的影响,以及高管个性特征的作用机理。实证结果表明,宏观经济政策不确定性促进了企业金融化,且短期金融资产得到增加;高管的金融背景加强了不确定性与企业金融化的关系,高管的海外经历和学术经历抑制不确定性与企业金融化的关系;经济政策不确定性对企业金融化的影响存在产权性质和经营性质等方面的异质性。本文研究为政府出台政策应做好政策预期管理提供了依据。
This paper examines the effect of rising macroeconomic policy uncertainty on enterprise financialization. Taking China’s A-share listed companies from 2008 to 2019 as observation samples, we empirically test the impact of economic policy uncertainty on corporate financialization and the moderating Effect of senior executive characteristics. We show that increasing economic policy uncertainty promotes corporate financialization and incents firm to allocate more short-term financial assets. Further, we find that senior executives with financial background plays a strengthening role in the impact of economic policy uncertainty on enterprise financialization, whilze senior executives with overseas and academic experience inhibits the relationship between economic policy uncertainty and firm financialization. Our results also suggest that the rising of economic policy uncertainty on the change of enterprise financialization varies from different ownership and management property. Our study provides important implications related to the government to manage policy expectations.
出处
《管理科学与工程》
2023年第5期754-767,共14页
Management Science and Engineering
