摘要
在我国市场竞争日趋激烈的背景下,部分企业为追逐超额利润而偏离主营业务,导致经济“脱实向虚”趋势加剧。基于2011—2023年A股上市公司面板数据,文章运用双向固定效应模型,系统探究CEO声誉对企业金融化的影响机制。研究证实,CEO声誉能够显著抑制企业金融化行为,且经稳健性检验后结论依然可靠。机制分析表明,管理者短视行为与融资约束在其中发挥关键中介作用,即CEO声誉通过降低管理者短视倾向、缓解企业融资压力,有效遏制金融化进程。异质性检验发现,该效应在非国有企业与高科技行业更为显著。基于上述结论,从微观、中观和宏观三个层面提出对策:CEO需强化战略思维与声誉管理;企业应优化治理结构、完善考核体系;政府则需加强金融监管,构建声誉评价体系,为实体经济高质量发展提供支撑。
Against the backdrop of increasingly fierce market competition in China,some enterprises devi-ate from their main business in pursuit of excessive profits,leading to an intensifying trend of the econo-my shifting from the real sector to the financial sector.Based on the panel data of A-share listed compa-nies from 2011 to 2023,this paper uses the two-way fixed-effects model to systematically explore the im-pact mechanism of CEO reputation on corporate financialization.The study confirms that CEO reputation can significantly inhibit corporate financialization behavior,and the conclusion remains robust after a se-ries of robustness tests.The mechanism analysis shows that managers'myopia behavior and financing con-straints play key mediating roles.That is,CEO reputation effectively curbs the process of financialization by reducing managers'myopic tendencies and alleviating corporate financing pressures.The heterogeneity test reveals that this effect is more pronounced in non-state-owned enterprises and high-tech industries.Based on the above conclusions,this paper puts forward countermeasures from three levels:micro,meso,and macro.CEOs need to strengthen strategic thinking and reputation management;enterprises should op-timize the governance structure and improve the assessment system;the government should strengthen fi-nancial supervision and build a reputation evaluation system to provide support for the high-quality devel-opment of the real economy.
作者
万伟
陈柳钦
WAN Wei;CHEN Liu-qin(Qindian Think Tank,Beijing,100142,China)
出处
《福建金融管理干部学院学报》
2025年第2期100-113,共14页
Journal of Fujian Institute of Financial Administrators
关键词
CEO声誉
企业金融化
管理者短视
融资约束
CEO reputation
corporate financialization
managers'myopia
financing constraints
作者简介
万伟(1990-),男,贵州贵阳人,钦点智库数字经济研究中心研究员;陈柳钦(1969-),男,湖南邵东人,钦点智库创始人兼理事长,教授。
