管理者金融危机经历影响企业金融化水平吗？——基于中国上市公司的实证研究

文章以我国2008—2017年非金融上市公司为样本，结合“烙印理论”，考察了管理者金融危机经历对非金融企业金融化水平的影响，研究发现：管理者的金融危机经历对其所在企业的金融化水平具有显著的正向影响，在一系列的稳健性检验后，该结论依然成立。且该效应在融资约束严重的企业和制度环境较好地区的企业中更加显著，而在金融危机期间遭受财务困境的企业中受到明显抑制。拓展的研究表明，经历过金融危机的管理者持有金融资产的动机并不单一，但获利动机更强烈。最后文章还发现，管理者的获利动机和管理者自信可能是金融危机经历影响企业金融化水平的关键作用机制。文章从企业微观层面拓展了非金融企业金融化水平的影响因素研究，并对企业管理者经历对非金融企业金融化的影响及作用机制研究进行了一定的探索。

Does the Manager’s Financial Crisis Experience Affect the Financialization Level of Nonfinancial Enterprises?——Evidence from Chinese Listed Companies

Based on the imprinting theory, using a dataset of Chinese A-share nonfinancial listed companies from 2008 to 2017, this paper investigates the impact of managers’ financial crisis experience on the financialization level of nonfinancial enterprises. We find that managers’ financial crisis experience can effectively increase the positive impact, and this conclusion is still valid after a series of robustness tests. Based on different situations, the effect to increase the positive impact is mainly reflected in the firms with higher marketing process and severer financing constraints, and is significantly suppressed in enterprises that suffer financial difficulties during financial crisis. Further we find that managers who have experienced financial crisis hold financial assets both for prevention and for profit, but the motives for profit are stronger. Finally, we also find that managers’ profit motives and managerial self-confidence may be the key mechanism of financial crisis experience affecting the level of enterprise financialization. This paper expands the research on the influencing factors of the financialization level of nonfinancial enterprises from the micro level of the enterprise, and explores the impact of the managers’ experience on the financialization of nonfinancial enterprises and its mechanism.