高管团队人力资本对实体企业“脱实向虚”的影响分析——基于职业经历异质性的视角

Analysis of Senior Management Human Capital’s Impact on Enterprises’Diversion out of the Real Economy——A Perspective Based on the Heterogeneity of Career Experiences

实体企业作为推动中国经济高质量发展的微观主体,近年来却出现了“脱实向虚”的迹象,引发了学术界的广泛关注。在此背景下,本文从实体企业“脱实向虚”的现象出发,以2008—2019年中国沪深A股上市企业为样本,基于职业经历异质性角度实证考察了高管团队人力资本对实体企业“脱实向虚”的影响及其机理。研究结果表明,高管团队职业经历异质性对实体企业“脱实向虚”具有显著的抑制作用,并且该结论在考虑内生性问题和一系列稳健性检验基础上依旧成立。机制分析表明,高管团队职业经历异质性对实体企业“脱实向虚”的抑制作用主要通过降低管理者过度自信来实现。异质性检验表明,高管团队职业经历异质性对实体企业“脱实向虚”的抑制作用在环境不确定性较低、民营企业与管理层持股水平较高的情境下更为明显。本研究在理论上丰富了高管团队职业经历异质性的相关研究,为推动实体企业良性发展提供了支持性证据与实践建议。

As the micro⁃level driver of the high⁃quality development of China’s economy,enterprises have shown signs of drifting away from the real economy,and this has aroused widespread concern in academic circles.In this context,this paper,based on the heteroge⁃neity of career experiences in a sample of Chinese A⁃share listed enterprises in Shanghai and Shenzhen from 2008 to 2019,empirically investigates the impact of senior management human capital on enterprises’diversion out of the real economy as well as the mechanism underlyimg the impact.The results show that the heterogeneity of senior management’s career experience has a significant inhibitory effect on enterprises’diversion out of the real economy,and this conclusion still hold after the endogeneity issue is taken into considera⁃tion and a series of robustness tests are conducted.The mechanism analysis shows that the inhibitory effect of the heterogeneity of senior management’s career experience on enterprises’diversion out of the real economy is mainly achieved by reducing the overconfidence of managers.The heterogeneity test shows that the inhibitory effect of heterogeneity of senior management’s career experience on enterpri⁃ses’diversion out of the real economy is more obvious in the context of low environmental uncertainty or private enterprises or manage⁃ment shareholding.This study theoretically enriches the research on the heterogeneity of senior management’s career experience and pro⁃vides supporting evidence and practical suggestions for promoting the sound development of enterprises.