摘要
文章以2011—2022年中国A股上市公司财务数据为研究样本,深入探讨管理层持股对企业产业转型的影响。研究结果表明:管理层持股能够提升企业产业转型的可能性。进一步研究发现,企业风险承担水平是管理层持股影响企业产业转型的重要路径机制,融资约束对管理层持股与企业产业转型的关系有显著抑制作用;管理层持股对企业产业转型的正向影响主要体现在宏观经济形势较好、发展处在成熟期的企业,管理层持股对企业产业转型的促进作用在国有企业比非国有企业更显著。因此,适当提高管理层的持股比例,充分发挥管理层在企业产业转型战略中的积极作用,有助于促进企业持续成长,推动企业产业转型。
Using financial data from A-share listed companies in China from 2011 to 2022 as the research sample,this study delves into the impact of management shareholding on corporate industrial transformation.The results show that management shareholding can enhance the likelihood of corporate industrial transformation.Further research finds that the level of corporate risk-taking is an important path through which management shareholding affects corporate industrial transformation,while financing constraints significantly inhibit the relationship between management shareholding and industrial transformation.The positive impact of management shareholding on corporate industrial transformation is more pronounced in companies operating in favorable macroeconomic conditions and those in mature-stage.Additionally,the promoting effect of management shareholding on industrial transformation is more significant in state-owned enterprises compared to non-state-owned enterprises.Therefore,appropriately increasing the proportion of management shareholding to fully leverage their positive role of management in the corporate industrial transformation strategy is significantly beneficial to promoting lasting growth and facilitating industrial transformation for the corporates.
作者
王明虎
李艳丽
Wang Minghu;Li Yanli(School of Business,Anhui University of Technology,Ma'anshan,Anhui 243002,China)
出处
《长沙理工大学学报(社会科学版)》
2025年第5期105-117,共13页
Journal of Changsha University of Science and Technology(Social Science)
基金
国家社会科学基金项目(19BJY021)
安徽省高等学校人文社会科学研究项目(SK2020A0183)。
关键词
管理层持股
企业产业转型
投资决策
企业风险承担水平
融资约束
management shareholding
corporate industrial transformation
investment decision
corporate risk-taking level
financing constraints
