摘要
以2010-2019年中国A股上市公司为研究样本,实证考察了高管团队稳定性对企业金融化的影响以及相应的影响机制,并探讨了企业异质性特征在高管团队稳定性与企业金融化关系中的作用。研究表明:高管团队稳定性能显著抑制企业金融化,且无论是短期金融资产还是长期金融资产,稳定的高管团队均没有持有意愿。作用机制检验表明,高管团队稳定性主要通过促进企业研发创新、降低代理成本以及降低战略激进度这三条路径作用于企业金融化。进一步分析表明,高管团队稳定性对企业金融化的抑制作用在非国有企业、高持股比例和东部地区较为显著。
This paper takes China's A-share listed companies from 2010 to 2019 as a research sample,examines the impact of top management team stability on corporate financialization and the corresponding influencing mechanism,and explores the role of corporate heterogeneity in the relationship between them.It is found that top management team stability can effectively restrain corporate financialization,and no matter for short-term or long-term financial assets,the stable senior management team has no intention to hold them.The mechanism test shows that top management team stability mainly affects corporate financialization by promoting R&D innovation,reducing agency costs and reducing strategic aggressiveness.Further analysis shows that the inhibitory effect of top management team stability on corporate financialization is more significant in non-state-owned enterprises,high shareholding ratio and eastern regions.
作者
刘锦英
徐海伟
LIU Jinying;XU Haiwei(Institute of Management Science and Engineering,Henan University,Kaifeng 475004,China;Business School,Henan University,Kaifeng 475004,China)
出处
《经济与管理评论》
CSSCI
北大核心
2022年第2期71-84,共14页
Review of Economy and Management
基金
国家社会科学基金重点项目“专业化众创空间生态的共生发展机理与对策研究”(21AGL036)
国家社会科学基金项目“技术创新与价值创新耦合视角的中国企业转型升级路径选择及其实现策略研究”(16BGL036)
河南省软科学研究计划项目“慈善捐赠对企业全要素生产率的影响--基于河南省上市公司的经验证据”(212400410130)。
关键词
高管团队稳定性
企业金融化
研发创新
代理成本
战略激进度
top management team stability
corporate financialization
R&D innovation
agency costs
strategic aggressiveness
