CEO金融背景是否加剧企业金融化——基于上市医药企业的分析

Does CEO Financial Background Exacerbate Corporate Financialization———Based on the analysis of Listed Pharmaceutical Companies

本文以我国2008年—2016年境内上市的医药企业为研究对象,探究CEO金融背景是否会加剧企业金融化。研究结果表明,具有金融背景的CEO会促进企业的金融化,但是这种促进作用对国有企业不明显,对非国有企业的影响作用更大。CEO金融背景会导致管理层过度自信,而这种过度自信心理会促使企业扩大金融投资,进而提高企业金融化水平。

This article takes our country's domestic listed pharmaceutical companies from 2008 to 2016 as the research object,and explores whether the CEO's financial background will exacerbate corporate financialization.The results of the study show that CEOs with financial background will promote the financialization of enterprises,but this promotion effect is not obvious to state-owned enterprises,and has a greater impact on non-state-owned enterprises.The CEO's financial background will lead to overconfidence of the management,and this overconfidence psychology will prompt enterprises to expand financial investment,thereby improving the level of corporate financialization.