连锁股东对企业“脱实向虚”的影响研究  

Research on the Impact of Cross-Ownership on the Firms’ Transformation from Virtual to Real

作　　者：王新光 盛宇华[1] WANG Xinguang;SHENG Yuhua(Nanjing Normal University,Nanjing,China)

机构地区：[1]南京师范大学商学院

出　　处：《管理学报》2022年第12期1776-1783,共8页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(20BGL139)。

摘　　要：基于实体企业金融化的视角,以2008~2019年中国沪深A股上市企业为样本,探讨连锁股东与实体企业金融化的关系,并分析其中的作用机制与作用环境。研究表明:连锁股东对实体企业金融化具有显著的抑制作用;作用机制检验发现,连锁股东通过缓解融资约束和降低代理成本进而抑制了实体企业金融化;异质性检验表明,连锁股东与实体企业金融化的负向关系在人力资源冗余较高的企业中更为明显。From the perspective of the financialization of entity enterprises, using the sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2008 to 2019, this study explores the impact of cross-ownership on the financialization of entity enterprises. It also discusses the mechanism and environment. The empirical result shows that cross-ownership has a significant negative impact on the financialization of entity enterprises. Further, the mechanism tests show that cross-ownership mainly inhibits the financialization of entity enterprises by easing financing constraints and reducing agency costs. The heterogeneity test shows that the negative relationship between cross-ownership and the financialization of entity enterprises is more significant in enterprise groups with higher human resource slack.

关 键 词：连锁股东 实体企业金融化 融资约束 代理成本 人力资源冗余 

分 类 号：C93[经济管理—管理学]