高管金融经历与交易性金融资产投资

Executives'Financial Experience and Investment in Transactional Financial Assets

热衷交易性金融资产投资套利是当前实体企业经营的典型现象。本文从微观高管层面研究发现,有金融经历的高管更偏好交易性金融资产投资。并且,有金融经历的高管对不同期限结构的金融资产投资都具有显著偏好,短期内套取了较高金融利润。从作用机制看,当主业业绩较好、现金资源充裕时,有金融经历的高管更可能偏离主业投资交易性金融资产。

Being keen on Transactional Financial Assets(TFAs)investment arbitrage is a typical phenomenon of current entity enterprises’operation.From the perspective of micro-level executives,this study finds that executives with financial experience prefer to invest in TFAs.Moreover,they have their own significant preference for financial asset investment in different term structures,and they have high financial profits in a short term.Analyzing of the mechanism,when the core business performances are pretty good and the cash resources are abundant,executives with financial experience are more likely to disengage from the core business but to invest in TFAs for arbitrage.