行业专家独董能否抑制实体企业“脱实向虚”?  

Can Industry Expert Independent Directors Curb the Shift from the Real Economy 0x09to the Virtual Economy in Real Enterprises?

作　　者：焉嘉豪 苏坤[1] 范亦璇 YAN Jiahao;SU Kun;FAN Yixuan(School of Management,Northwestern Polytechnical University,Xi’an 710000,China)

机构地区：[1]西北工业大学管理学院,陕西西安710000

出　　处：《经济经纬》2025年第2期134-147,共14页Economic Survey

基　　金：国家自然科学基金面上项目(72172127);中央高校基本科研业务费(D5000230054)。

摘　　要：利用2010—2022年中国上市公司数据,研究了行业专家独董对实体企业金融化的影响。研究发现,行业专家独董能够降低企业金融化,即抑制实体企业“脱实向虚”,引导主业投资与缓解代理问题是其作用机制。异质性分析发现,在经营环境不确定性更高、董事长资历较浅、高管过度自信的企业中,行业专家独董抑制金融化的效应更好,而金融背景则不利于其抑制实体企业金融化。此外,行业专家独董主要促使企业减少了短期金融资产配置,并缓解了企业金融化对全要素生产率的负面影响。研究揭示了行业专家独董与实体企业金融化间关系的内在逻辑,对于企业更好发挥独立董事作用和防范“脱实向虚”具有重要意义。Based on the data of listed companies in China from 2010 to 2022,this paper studies the impact and mechanism of independent directors of industry experts on the financialization of real enterprises.The findings indicate that industry expert independent directors can reduce financialization,thereby curbing the“shift from the real economy to the virtual economy”in real enterprises.The mechanisms through which they achieve this include guiding main business investment and alleviating agency problems.The heterogeneity analysis reveals that the effectiveness of independent directors with industry expertise is more pronounced in firms with higher business environment uncertainty,less experienced chairpersons and overconfident executives.In contrast,a financial background is not conducive to curbing the financialization of real enterprises.In addition,independent directors with industry expertise primarily prompt firms to reduce their allocation to short-term financial assets and mitigate the negative impact of corporate financialization on total factor productivity.This study reveals the underlying logic of the relationship between independent directors with industry expertise and the financialization of real enterprises.It is of great significance for real enterprises to effectively leverage the role of the independent director system and to guard against the“shift from the real economy to the virtual economy”.

关 键 词：独立董事 实体企业金融化 行业专长 主业投资 代理问题 

分 类 号：F275[经济管理—企业管理]