CEO财务经历与非金融企业影子银行化  

CEO's Financial Experience and the Shadow Banking of Non-financial Enterprises

作　　者：刘军航[1] 卢传家 Liu Junhang;Lu Chuanjia(School of Management,Hefei University of Technology,Hefei 230000,China)

机构地区：[1]合肥工业大学管理学院,合肥230000

出　　处：《工业技术经济》2022年第3期43-49,共7页Journal of Industrial Technological Economics

摘　　要：本文基于管理者异质性视角,以2013~2020年中国A股上市公司为研究样本,实证分析了CEO财务经历对非金融企业影子银行化的影响。研究发现:CEO财务经历可以抑制非金融企业的影子银行化,在采用倾向匹配得分法(PSM)等多种稳健性检验以后,上述结果依然稳健。进一步研究发现,CEO财务经历对非金融企业影子银行化的抑制作用在CEO权利较大的企业中和CEO权利较小的企业中均显著;在非国有企业中这种负相关关系依然显著,但在国有企业中不显著。Based on the perspective of managerial heterogeneity,this paper takes China􀆳s A-share listed companies from 2013 to 2020 as a research sample to empirically analyze the impact of CEO financial experience on the shadow banking of non-fi⁃nancial companies.The study finds that the CEO's financial experience can inhibit the shadow banking of non-financial companies.After adopting various robustness tests such as the propensity matching score method(PSM),the above results are still stable.Further research finds that the inhibitory effect of CEO financial experience on the shadow banking of non-financial companies is sig⁃nificant in companies with greater CEO rights and companies with less CEO rights;this negative correlation is still significant in nonstate-owned enterprises,but not significant in state-owned enterprises.

关 键 词：CEO 财务经历 影子银行 非金融企业 抑制作用 企业性质 

分 类 号：F270[经济管理—企业管理] F272.91[经济管理—国民经济]