CEO管理能力与实体企业金融化  

CEOs Management Ability and the Financialization of EntityEnterprises

作　　者：王雪标[1,2] 祝伟展 WANG Xue-biao;ZHU Wei-zhan(School of Economics,Dongbei University of Finance and Economics,Dalian 116025;School of Data Science and Artificial Intelligence,Dongbei University of Finance and Economics,Dalian 116025)

机构地区：[1]东北财经大学经济学院,辽宁大连116025 [2]东北财经大学数据科学与人工智能学院,辽宁大连116025

出　　处：《软科学》2023年第5期71-76,86,共7页Soft Science

基　　金：国家自然科学基金项目(71273044)。

摘　　要：利用2010-2020年A股上市企业作为样本,实证研究CEO管理能力对实体企业金融化的影响效应。研究发现:CEO管理能力对实体企业金融资产占比有显著负向影响,表明提高实体企业CEO管理能力能有效抑制实体企业金融化过快增长趋势,利用倾向得分匹配、双重差分法和工具变量法等方法进行稳健性检验后,实证结果表现出极强的稳健性。机制分析表明提高CEO管理能力能显著提高实业资本运行效率和企业管理效率,从而有效降低实体企业金融资产占比,进一步分析表明企业较高的增长潜力能强化CEO管理能力对实体企业金融化的影响效应,而融资约束则有相反的影响效应。Using A-share listed companies that the year from 2010 to 2020 as a sample,this paper analyzes the impact of CEO management ability on the financialization of entity companies.Results show that,CEO management ability has a significant negative impact on the proportion of financial assets of entity companies,indicating that the increase in CEOs Management ability can effectively restrain the rapid growth of the financialization of entity enterprises.After the possible endogenous problems have been eliminated through propensity score matching,differences in differences and instrumental variables,the empirical results still show strong robustness.Mechanism analysis shows that enhance CEO management capabilities can significantly improve industrial capital operation efficiency and corporate management efficiency,thereby effectively reducing the proportion of financial assets of entity companies.Further analysis shows that the higher growth potential of companies can strengthen the impact effect of CEO management capabilities on the financialization of entity companies,while financing constraints have the opposite effect.

关 键 词：CEO管理能力 实体企业金融化 双重差分 倾向得分匹配 

分 类 号：F426[经济管理—产业经济] F326.11[环境科学与工程—环境科学] X24