实体企业金融化对企业绩效的异质性影响——基于高管金融背景的调节效应

The Heterogeneous Impact of Enterprise Financialization on Enterprise Performance-Moderating Effect Based on Senior Executives'Financial Background

本文以2012年至2020年沪深A股实体企业为样本,实证分析不同类型企业金融化对于企业绩效的影响,并基于烙印理论研究高管金融背景对企业金融化经济后果的影响。研究结果表明,短期金融资产对于企业绩效具有显著的正向影响,表现为“蓄水池”效应,而长期金融资产则对企业绩效具有显著的负向影响,表现为“挤出”效应。总体而言,企业金融化对企业绩效具有显著的正向影响,表现为“蓄水池”效应。基于高管金融背景的分析表明,具有金融背景的高管会抑制短期金融资产对企业绩效的正向影响及长期金融资产对企业绩效的负向影响,总体上,具有金融背景的高管会抑制企业金融化对于企业绩效的正向影响。

Based on the samples of Shanghai and Shenzhen A-share entities from 2012 to 2020,this paper empirically analyzes the impact of financialization of different types of enterprises on corporate perfor-mance,and studies the impact of financial background of senior executives on the economic consequences of corporate financialization based on branding theory.The results show that short-term financial assets have a significant positive impact on firm performance,which is the"reservoir"effect,while long-term financial assets have a significant negative impact on firm performance,which is the"crowding out"effect.In general,the financialization of enterprises has a significant positive impact on enterprise performance,which is manifested as the"reservoir"effect.The analysis based on the financial background of senior exec-utives shows that senior executives with financial background will restrain the positive impact of shortterm financial assets on corporate performance and the negative impact of long-term financial assets on corporate performance.In general,senior executives with financial background wiil restrain the positive impact of corporate financialization on corporate performance.