企业金融化及管理者能力水平对企业绩效的实证分析

An Empirical Analysis on Impact of Corporate Financialization and Managerial Competency Level on Corporate Performance

为研究企业绩效的影响因素,文章以2011年-2021年我国A股上市企业相关数据为样本,从企业金融化和管理者能力两方面出发,实证检验了两者与企业绩效间的关系。研究发现,企业金融化程度与企业本年绩效间呈显著负相关关系,管理者能力则对企业绩效有较强的正向影响。研究表明,在当前国内“脱虚向实”大环境下,企业应谨慎对待金融投资,将绩效增长的着力点放在主营业务增长及管理者能力提高上。

In order to study the influencing factors of corporate performance,the paper empirically examines the relationship between corporate financialization&managerial competence and the corporate performance,taking the related data of A-share listed enterprises in China from 2011 to 2021 as a sample.It is found that there is a significant negative relationship between the degree of financialization and the current year performance,while managerial competency has a strong positive impact on corporate performance.The study suggests that under the current environment of"moving from the virtual to the real",enterprises should be cautious in financial investment and focus on the growth of main business and improvement of managerial competency to achieve performance growth.