CEO金融背景、过度自信与企业金融化

CEO Financial Background,Overconfidence and Corporate Financialization

本研究以2008-2019年沪深A股上市公司为研究对象,检验了不同情况下CEO金融背景对企业金融化的影响,探讨了过度自信在其中的作用机理。实证结果表明:CEO金融背景对企业金融化具有正面效应,企业的CEO具有金融背景,企业的金融化水平更明显;过度自信指数作为中介变量发挥了中介效应。本研究提供的有效建议对企业管理层建设及如何加强企业金融风险防范具有重要意义。

This article takes the Shanghai and Shenzhen A-share listed companies from 2008 to 2019 as the research object,examines the impact of CEO financial background on corporate financialization under different circumstances,and explores the mechanism of overconfidence in it.The empirical results show that CEO financial background has a positive effect on corporate financialization,and corporate CEOs have financial background,and the level of corporate financialization is more obvious;the overconfidence index plays a mediating effect as a mediating variable.This article provides effective suggestions on the construction of corporate management and how to strengthen corporate financial risk prevention.