摘要
董事会是公司治理的核心,其成员特征决定了董事会决策偏好。本文从董事会成员异质性角度出发,研究了董事会多样性对企业金融化抉择的影响及作用渠道。实证研究发现:(1)董事会多样性促进了企业金融化,董事会多样性提高1个标准差使企业金融化水平上升7.179%;(2)动机识别发现,相对于投机性动机而言,董事会多样性主要强化了企业基于预防性动机的金融化行为;(3)渠道考察表明,降低企业信息不对称程度与促进企业投资多元化是董事会多样性促进企业金融化的主要渠道;(4)异质性分析表明,当经济政策不确定性高、货币政策宽松时,董事会多样性对企业金融化影响尤为显著;董事会多样性对企业金融化的影响在东部地区和市场化程度高地区的企业中比较显著;在非国有企业与管理层短视程度低的企业中,董事会多样性更易促进企业金融化;董事会多样性对短期金融资产的影响更显著;(5)进一步研究发现,董事会多样性并未导致企业过度金融化。本文从董事会角度拓宽了企业金融化的微观动因,为治理企业“脱实向虚”、更好服务实体经济提供了新的政策切入点。
The board of directors serves as the core of corporate governance,where member characteristics shape decision-making preferences.This study examines the impact of board diversity on corporate financialization and its underlying mechanisms through the lens of board member heterogeneity.Empirical findings reveal that board diversity significantly promotes corporate financialization,with a one-standard-deviation increase raising financialization levels by 7.179%.Motivational analysis indicates this effect primarily strengthens precautionary motive-driven financialization rather than speculative behaviors.Mechanism testing demonstrates that reduced corporate information asymmetry and enhanced investment diversification constitute key channels facilitating this process.Heterogeneity analyses further show amplified effects:1)under high economic policy uncertainty and loose monetary policy;2)among firms in eastern regions and high-marketization areas;3)in non-state-owned enterprises and firms with lower managerial myopia;and 4)regarding short-term financial assets.Crucially,board diversity does not induce excessive financialization.Collectively,this research broadens understanding of micro-level drivers of corporate financialization from a board perspective,offering new policy insights for curbing corporate"shift from real to virtual"and better serving the real economy.
作者
陈奉先
李煜龙
CHEN Fengxian;LI Yulong(School of Economics,Capital University of Economics and Business,Beijing 100070,China)
出处
《金融评论》
北大核心
2025年第3期104-130,153,共28页
Chinese Review of Financial Studies
基金
北京市教委2023年社科重点项目《国际资本流动冲击的微观影响与治理对策:以北京地区上市公司为例》(项目批准号:SZ202310038016)
北京市国际金融学会课题《高水平对外开放与新质生产力:基于自贸区设立的准自然实验》(项目批准号:BIFS241001)
首都经济贸易大学科技创新项目《董事会多样性与企业金融投资决策》(项目批准号:2024KJCX087)的资助。
关键词
董事会多样性
预防性金融化
代理成本
实体投资
公司治理
Board Diversity
Precautionary Financialization
Agency Costs
Real Investments
Corporate Governance
