| 经济政策不确定性、CEO金融经历与企业金融化 |
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| 引用本文：姚德权,付晓菲.经济政策不确定性、CEO金融经历与企业金融化[J].财经理论与实践,2022,(1):17-26 |
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| 中文摘要:基于Baker等人开发的经济政策不确定性指数，依据沪深两市A股非金融行业上市公司样本数据，考量经济政策不确定性对企业金融化的影响机制以及CEO金融经历所发挥的调节效应。结果表明，经济政策不确定性的上升对企业金融化抑制效应显著，具有金融经历的CEO可以缓解该抑制效应，且非国有企业中更显著；进一步研究发现，CEO过度自信在CEO金融经历的调节效应中发挥部分中介作用。鉴此，政府应优化实施经济政策的方式，改善民间投资环境；企业应合理配置高管团队以发挥烙印机制的最优效应，完善高层管理人员的约束和激励机制；管理者需正确认识自身优势，避免盲目自信导致过度投资。 |
| 中文关键词:经济政策不确定性 CEO金融经历 过度自信 金融化 |
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| Economic Policy Uncertainty，CEO’s Financial Experience and Corporate Financialization |
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| Abstract:Based on the economic policy uncertainty index developed by Baker et al., taking Shanghai and Shenzhen A-share non-financial listed companies as samples, this paper empirically considers the influence mechanism of economic policy uncertainty on corporate financialization and the moderating effect of CEO’s financial experience. The results show that the rising uncertainty of economic policy will inhibit the financialization of enterprises, and the CEO with financial experience can alleviate the inhibitory effect of economic policy uncertainty on the financialization of enterprises, which is more pronounced in non-state-owned enterprises. Further research shows that overconfidence plays a partial mediating role in the moderating effect of CEO’s financial experience. Therefore, in order to control the excessive financialization of enterprises, the government should optimize the way of implementing economic policies and improve the private investment environment. Enterprises should reasonably allocate the senior management team to give full play to the optimal effect of branding mechanism and improve the constraint and incentive mechanism of senior management. Managers should have a correct understanding of their own advantages and avoid overconfidence leading to overinvestment. |
| keywords:economic policy uncertainty CEO’s financial experience overconfidence corporate financialization |
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