管理者团队特征、金融资产配置与实体企业信用风险

基于实体企业信用风险视角,本文探讨金融资产配置效果,并考察管理者团队特征对金融资产配置效果的调节作用。研究发现,增加金融资产配置可减少实体企业信用风险,但长期看,金融资产的风险缓冲作用在逐渐减弱;管理者团队年龄越大、任期越长的企业,越倾向于增加金融资产配置,这有助于减少实体企业信用风险,而管理者团队学历对金融资产配置与信用风险之间的调节作用不明显。进一步研究发现董事长年龄越大、任期越长,管理者团队的年龄及任期对金融资产配置效果的影响越弱。本文研究拓展了实体企业配置金融资产的经济后果分析,对优化管理者团队结构、降低企业信用风险具有启示意义。

Manager Team Characteristics,Financial Asset Allocation and Credit Risk of Entity Enterprises

This paper discusses the effect of financial asset allocation from the perspective of credit risk of entity enterprises,and examines the role of managers’team characteristics in regulating the effect of financial asset allocation.It is found that the increase of the proportion of financial assets allocation will reduce the credit risk of entity enterprises,but in the long run,the risk buffering effect of financial assets is gradually weakening.The older and longer the managerial team,the more the proportion of financial assets allocation tends to increase,which helps to reduce the credit risk.However,the moderating effect of the average educational background of the managerial team on the relationship between financial assets allocation and credit risk is not obvious.Further extracting the chairman from the manager team,it is found that,the older and longer the chairman,the less the influence of the age and tenure characteristics of the manager team on the allocation of financial assets.The study expands the economic consequences analyses of the allocation of financial assets by entity enterprises,and is revealing on optimizing the management team structure and reducing the credit risk.