CFO综合特征对企业多元化经营的影响研究——基于上市公司的实证分析

企业实行多元化经营的策略越来越普遍,是否采取多元化经营的策略会受到多种因素的影响。基于上市公司数据,通过主成分分析法构建CFO综合特征指数,在此基础上分析了CFO综合特征对企业多元化经营策略的影响,研究结果表明,CFO综合特征与企业多元化经营之间存在负相关关系,考虑内生性问题和稳健性检验之后,结论仍然成立;作用机制表明,企业杠杆率是CFO综合特征影响企业多元化经营策略的传导路径;异质性分析发现,区分CFO具体特征后,CFO的学历越高和CFO年末领取薪酬,其所在的企业的多元化经营程度越低,另外,相较于国有企业,CFO综合特征与企业多元化经营之间负相关关系在非国有企业当中更加明显;进一步分析发现,CFO综合特征还会影响到企业多元化经营变化,两者之间负相关;最后,本文还发现高CFO综合特征削弱了多元化经营对企业价值的负面影响。这些研究结果丰富了企业多元化经营影响因素的研究,为企业实行多元化经营策略提供了参考,具有一定的现实意义。

It is more and more common for corporate to carry out diversified operation strategy.Whether to adopt diversified operation strategy will be affected by many factors.Based on the data of listed companies,the CFO characteristic index is constructed by principal component analysis.On this basis,this paper analyzes the impact of CFO comprehensive characteristics on corporate diversification strategy.The results show that there is a negative correlation between CFO comprehensive characteristics and corporate diversification.After considering endogenous problems and robustness test,the conclusion is still valid;The mechanism shows that the comprehensive characteristics of CFO affect the diversification strategy of corporate by affecting the leverage ratio of corporate;The heterogeneity analysis found that after distinguishing the specific characteristics of CFO,the higher the CFO's education and the CFO's salary at the end of the year,the lower the degree of diversification of the corporate.In addition,compared with state-owned corporate,the negative correlation between CFO comprehensive characteristics and corporate diversification is more obvious in non-state-owned corporate;Further analysis shows that CFO comprehensive characteristics will also affect the diversification of corporate,and there is a negative correlation between them;Finally,this paper also finds that the high CFO comprehensive characteristics weaken the negative impact of diversification on corporate value.The results of this paper enrich the research on the influencing factors of corporate diversification and provide a reference for corporate to implement diversification strategy,which has a certain practical significance.