董事会非正式层级与企业金融化适度性——抑制效应抑或助推效应  

Informal Hierarchy of Board of Birectors and Appropriateness of Enterprise Financialization:Boosting Effect or Governance Effect

作　　者：赵蕊芬[1] 王晓亮[2] 石宇 吴金柯 ZHAO Rui-fen;W ANG Xiao-liang;SHI Yu;WU Jin-ke(Shanxi Vocational College of Tourism,Taiyuan 030031,China;School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China;State Grid Shanxi Electrie Power Company Taigu District Power Supply Company in Jinzhong City,Taigu 030800,China)

机构地区：[1]山西旅游职业学院,山西太原030031 [2]山西财经大学会计学院,山西太原030006 [3]国网山西省电力公司晋中市太谷区供电公司,山西太谷030800

出　　处：《经济问题》2023年第7期52-58,共7页On Economic Problems

基　　金：国家社会科学基金项目“新时代反腐败监督体系研究”(18BDJ038);教育部人文社科规划基金项目“投资者关注与定向增发定价效率:行为机理及其经济后果”(18YJA630112);山西省科技战略研究专项课题“‘双碳’目标下山西重污染企业绿色创新的财务脆弱性与纾解政策研究”(202204031401088)。

摘　　要：聚焦于企业投资与高质量发展背景下的实体企业金融化适度性问题,以2010—2020年深沪A股上市公司为样本,基于董事会微观视角,研究董事会非正式层级对实体企业金融化适度性的影响。研究发现:董事会非正式层级越高,代理成本越高,金融化适度性越弱,并且在过度金融化企业中表现得更加显著;董事会正式层级会削弱非正式层级对企业金融化适度性的负面影响,在非国有企业、股权集中度低以及董事会规模小的企业中,董事会非正式层级更能够削弱企业金融化适度性。Focusing on the appropriateness of enterprise financialization under the background of business in-vestment and high-quality development,this paper selects A-share listed companies in China from 2010 to 2020,based on the micro-perspective of the board of directors,to study the effect of informal board hierarchy on the fi-nancialization appropriateness of enterprises.It is found that informal level of board of directors will increase agen-cy cost and the level of financialization appropriateness is reduced,which is more significant in the over-finan-cialized companies.The formal level of the board of directors will impair the influence of the informal level on the appropriateness of enterprise financialization.In the non-state-owned,low ownership concentration and small board sizes enterprises,the more informal level of the board of directors can weaken the financialization appropri-ateness of real enterprises.

关 键 词：董事会非正式层级 企业金融化适度性 实体经济 代理问题 短期自利动机 

分 类 号：F271.5[经济管理—企业管理]