高管团队成员职能经历多样性能减弱实体企业金融化吗——来自沪深2008—2019年上市公司的检验

Will Top Management Team Members with Intrapersonal Functional Diversity Weaken the Financialization of Entity Enterprises:Test of Listed Companies in Shanghai and Shenzhen Stock Market from 2008 to 2019

通才还是专才,谁的金融投资水平更高?基于资源基础理论和社会认同理论,以中国沪深A股2008—2019年的上市公司为研究样本,分析高管团队成员职能经历多样性和金融化的关系,并探讨其中的作用环境与作用机制。研究发现:高管团队成员的职能经历多样性与企业金融化呈显著正相关关系,即跨职能工作能力强的通才型高管团队有更高的金融投资水平;这一结果在国有企业中有所减弱,在环境不确定性提升时更加明显。作用机制检验表明,高管团队成员职能经历多样性对投机性和非投机性金融资产均有正向作用,并且对前者的影响更大,体现出通才型高管团队有更高的金融投机倾向。在国有企业,高管团队成员职能经历多样性对两种类型金融资产的正向影响均有所减弱。然而,环境不确定性增强了高管团队成员职能经历多样性对投机性金融资产的正向影响作用,对高管团队成员职能经历多样性和非投机性金融资产的关系没有显著影响,体现出环境不确定性会加剧通才型高管团队的投机倾向。另外,通才效应通过增强高管团队过度自信对企业金融化程度产生影响。本文丰富了高管团队职能背景和企业金融化相关领域的研究,同时也为防范企业过度金融化,辩证看待职能经验的作用提供了相关依据。

Generalists or specialist, who will have a higher level of financial investment? Based on the resource-based view and social identity theory, taking the listed companies of Shanghai and Shenzhen A-share from 2008 to 2019 as the research sample, this paper analyzes the relationship between intrapersonal functional diversity of top management team and corporate financialization, the role of environment and its function mechanism as well. The results show that intrapersonal functional diversity of top management team has a significant positive correlation with corporate financialization, that is, the generalist top management team with strong cross functional working ability has a higher level of financial investment. This result weakens in state-owned enterprises and is more significant when environmental uncertainty increases. The mechanism test shows that intrapersonal functional diversity of top management team has a positive effect on both speculative and non-speculative financial assets, and has a greater impact on the former, reflecting that generalist top management team has a higher tendency of financial speculation. In state-owned enterprises, the positive impact of intrapersonal functional diversity of top management team on the two types of financial assets is weakened. However, environmental uncertainty enhances the positive impact of intrapersonal functional diversity of top management team on speculative financial assets and has no significant impact on the relationship between intrapersonal functional diversity of top management team and non-speculative financial assets, reflecting that environmental uncertainty will increase the speculative tendency of senior management team members of the generalist. In addition, the generalist effect has an impact on the degree of corporate financialization by enhancing the overconfidence of the senior management team. This paper not only enriches the research on the intrapersonal functional diversity and corporate financialization, but also provides a relevant basis for enterprises and regulators to prevent excessive corporate financialization and dialectically view the role of functional experience.