高管激励、金融化与企业未来主业发展

Executive Incentives,Financialization and the Future Development of Enterprises

近年来,非金融企业金融化程度不断加深,成为学术界广泛关注的问题。企业的高层管理者,拥有对企业资源的支配权,包括做出金融类投资和支持主业发展的决策,进而影响企业未来发展。鉴于此,文章选取2010-2018年中国A股所有非金融类上市公司面板数据作为样本,从企业微观层面,基于高管的角度,考察高管激励、金融化与企业未来主业发展的关系。研究结果表明:金融化对企业未来主业发展有显著的抑制作用,且高管薪酬激励对金融化与企业未来主业发展之间关系有显著的正向调节效应,而高管股权激励对金融化与企业未来主业发展之间关系有显著的负向调节效应。

In recent years,the degree of financialization of non-financial companies has continued to deepen,and has become a widespread concern in the academic community.The company's senior managers have the right to control corporate resources,including making financial investments and supporting the development of the main business,which will affect the future development of the company.In view of this,this article selects the panel data of all non-financial listed companies in China's A-shares from 2010 to 2018 as a sample,and examines the relationship between executive incentives,financialization,and the future development of the company's main industry from the micro level of the company and from the perspective of senior management.The research results show that:financialization has a significant inhibitory effect on the future development of the company's main business;and executive compensation incentives have a significant positive regulatory effect on the relationship between financialization and the development of the company's main business in the future;executive equity incentives on financialization.The relationship with the future development of the company's main business has a significant negative regulatory effect.