技术背景首席执行官对企业金融化的影响——一个有调节的中介模型

近年来，中国经济脱实向虚趋势愈发明显，出现企业过度金融化现象。在上述背景下，基于烙印理论，以沪深A股2010—2019年上市公司为样本，实证研究技术背景CEO对企业金融化的影响机理与作用效果。结果发现：技术背景CEO对企业金融化行为具有显著负向影响；创新投入对企业金融化具有挤出效应，且在技术背景CEO抑制企业金融化的作用路径中发挥部分中介效应；企业社会责任和数字化程度正向调节技术背景CEO对创新投入的促进作用。进一步分析发现，在高不确定性环境中，整体样本企业技术背景CEO依然坚持弃虚从实，但民营企业技术背景CEO对企业金融化的影响不显著。从管理者行为视角，拓展烙印理论在企业投资决策中应用，丰富高管特征与企业金融化关系研究，防范企业脱实向虚，从而为实体经济高质量发展提供管理启示。

Technology Background CEO's Influence on Corporate Financialization： A Moderated Mediation Model

Due to the economic slowdown, more and more substantive enterprises get involved in the financial industry. Thus, there is an obvious over-financialization trend for Chinese economy. The over-financialization could result in lack of research and development in substantive enterprises, which has a negative influence on the high-quality development of Chinese economy. Therefore, it is of great practical value to investigate the effect factors of enterprise financialization and then fundamentally inhibit the over-financialization of enterprises for the substantive enterprises. According to the existing researches, the scholars study the effect factors of enterprise financialization from macro and micro dimensions. In terms of the macro effect factors, the researches mainly focus on the environmental uncertainty and industry profitability of enterprises. However, these two views are not consistent with each other. For the micro effect factors, the scholars analyze the reasons of enterprises financialization from the perspectives of enterprise stakeholder and executive background. However, until now, there are few literatures related to the effect of CEO with technology background on the financial assets allocation. Whether the CEO with technology background could directly affect the enterprises financialization has still not been clear. In addition, the effect path and result of CEO with technology background on the enterprises financialization have not been studied yet..#br#The aim of this paper is to fill these research gaps, prevent enterprises from over-financialization, and provide the management implications for high-quality development of substantive economy. Based on the imprinting theory, A-share listed companies of Shenzhen and Shanghai from 2010 to 2019 are selected as the sample. Simultaneously, the panel regression and cross-grouping regression methods are used to empirically study the influence mechanism and effect of CEO with technology background on the enterprises financialization. Finally, the research results show that the CEO with technology background has a significantly negative influence on enterprises financialization. The innovation investment has a crowding out effect on the enterprise financialization, as well as plays a certain intermediary effect in the path of CEO with technology background to inhibit enterprises financialization. The social responsibility and digital degree of enterprises positively adjust CEO with technology background to promote the innovation investment. As can be seen from the further analysis, the CEO with technology background of sample enterprise still persist in the path from virtual economy to substantive economy, whereas the influence of CEO with technology background in the private enterprises on the enterprises financialization is not significant.#br#The innovations of this paper are as follows. Firstly, different from the existing literatures, the effect path and relationship of CEO with technological background to inhibit enterprises financialization revealed in this study has a certain incremental contribution for the phenomenon“from virtual economy to substantive economy” based on the upper echelons theory. Secondly, two important situational factors with epochal significance of social responsibility and digital transformation of enterprises are introduced. The modulatory mediation model is constructed. Furthermore, the effect mechanism to promote the phenomenon from“virtual economy to substantive economy” of enterprises by CEO with technological background is further investigated, so as to extend the boundary conditions for the effect of background characteristics of senior executives on the innovation investment of enterprises. Thirdly, in combination with the form of business ownership, the cross grouping is conducted on the sample according to the level of environmental uncertainty. Thus, it is concluded that the financing restriction could result in the difficulty of CEO with technological background to persist in the path from"virtual economy to substantive economy", which provides a reference for discussing the influence factors of the phenomenon of enterprises. This paper expands the application of imprinting theory in the enterprise investment decisions from the perspective of manager behavior, and enriches the research on the relationship between executive characteristics and enterprise financialization. The research results can help to prevent the over-financialization of enterprises and promote high-quality development of enterprises.#br#