商业研究

商业研究

• 商经理论 • 上一篇    下一篇

主业盈利能力、高管激励与企业金融化

王怀明，王成琛   

  1. （南京农业大学 金融学院，南京 210095）
  • 收稿日期:2019-12-09 出版日期:2020-08-20
  • 作者简介:王怀明（1963-），男，江苏泰州人，南京农业大学金融学院教授，博士生导师，研究方向：财务管理；王成琛（1990-），本文通讯作者，男，山东青岛人，南京农业大学金融学院博士研究生，研究方向：公司金融。
  • 基金资助:
    教育部人文社会科学研究规划基金项目“非金融企业金融化：经济后果及影响因素研究”，项目编号：19YJA630077；南京农业大学中央高校基本科研业务费人文社会科学研究基金项目“企业主宗教信仰对环保投入的影响”，项目编号：SKYZ2019004。

Profitability of Main Business, Executive Incentive and Financialization of Firms

WANG Huai-ming，WANG Cheng-chen   

  1. （College of Finance,Nanjing Agricultural University，Nanjing 210095,China）
  • Received:2019-12-09 Online:2020-08-20

摘要： 企业金融资产投资决策不但受到外部金融市场的影响，而且很大程度上取决于企业主业盈利能力。本文以2009-2017年中国A股非金融类上市公司为研究样本，实证检验了主营业务盈利能力对企业金融化的影响。研究发现：主业盈利能力与企业金融化显著负相关。进一步的调节效应检验表明，高管薪酬激励显著放大了主业盈利能力与金融化之间的负向关系；而高管股权激励缓解了主业盈利能力与金融化之间的负向关系，但这种调节作用并不显著。此外，在国有企业中，主业盈利能力对企业金融化的影响更大；在金融化的各构成资产中，主业盈利能力对企业配置的可供出售金融资产影响更大。上述结论表明，解决经济“脱实向虚”需进一步优化实业投资环境，增强企业主业盈利能力；构建合理的高管激励制度，完善公司治理体系；完善金融市场，提高金融支持实体经济的力度。

关键词: 主业盈利能力, 高管薪酬激励, 高管股权激励, 企业金融化

Abstract: The investment decision of enterprise financial assets is not only affected by the external financial market, but also largely depends on the profitability of the enterprise′s main business.This paper empirically tests the impact of the profitability of main business on the financialization of Chinese A-share non-financial listed companies from 2009 to 2017.The results show that: the profitability of the main business is negatively correlated with corporate financialization. Further moderating effect test shows that executive compensation incentive significantly magnifies the negative relationship between the profitability of the main business and financialization, while executive equity incentive alleviates the negative relationship between the profitability and financialization of the main business, but the regulatory effect is not significant.In addition, in the state-owned enterprises, the profitability of the main business has a greater impact on the financialization of the enterprises; among the constituent assets of the financialization, the profitability of the main business has a greater impact on the available for sale financial assets allocated by the enterprises.The above conclusions show that to solve the problem of “from real economy to virtual economy”, it is necessary to further optimize the industrial investment environment and enhance the profitability of the main business of enterprises; build a reasonable incentive system for senior executives and improve the corporate governance system; improve the financial market, and enhance the strength of financial support for the real economy.

Key words: profitability of main business;executive compensation incentive, executive equity incentive ;financialization of firms