股权集中度对企业金融化的影响——基于高管激励的视角

The impact of equity concentration on corporate financialization——Starting from the perspective of executive incentives

股权集中度差异可能导致企业委托代理问题的不同表现,进而企业脱实向虚的过度金融化行为的约束力方面存在差异。以我国沪深A股上市企业中25054家非金融企业2011—2021年共10年的平衡面板数据为样本,通过构建动态面板模型,用最小二乘法实证检验股权集中度对企业金融化的影响,并从高管激励的视角实证检验股权集中度对企业金融化的影响。结果表明:(1)股权集中度对企业金融化有负向作用,即当股权集中度越高,企业金融化程度越低;(2)高管薪酬激励和高管股权激励在股权集中度对企业金融化的影响中起正向调节作用;(3)进一步检验发现经济发达的东部地区股权集中度对企业金融化的抑制作用显著,且股权激励更为有效;(4)进一步实证检验企业产权性质的影响结果发现,在国有企业中,股权集中度对企业金融化的抑制作用更强。以上结论为企业政策制定者规范企业的内部监管制度,积极引导企业进行实体产业投资,以及优化高管激励政策,具有一定的借鉴意义。

The difference of ownership concentration degree may lead to the different performance of principal-agent problem,and then to the difference of the binding force on the over-financialization behavior.Based on the 10-year balanced panel data of 25,054 non-financial companies listed in Shanghai and Shenzhen stock 2021 in 2011-2011,this study constructs a dynamic panel model,this least square examines the impact of equity concentration on financialization and the impact of equity concentration on financialization from the perspective of executive incentives.The results show that:(1) the degree of equity concentration has a negative effect on enterprise financialization,that is,the higher the degree of equity concentration,the lower the degree of enterprise financialization;(2)executive compensation incentive and executive equity incentive play a positive moderating role in the impact of equity concentration on corporate financialization;(3) further examination shows that the degree of equity concentration in the economically developed eastern region has a significant inhibitory effect on the financialization of enterprises,and equity incentive is more effective;(4) further empirical examination of the impact of the nature of enterprise property rights shows that,in the state-owned enterprises,the degree of equity concentration has a stronger restraining effect on the financialization of enterprises.The above conclusions can be used for reference for policy makers to standardize the internal supervision system,to guide enterprises to invest in real industry and to optimize the incentive policy for executives.