Managerial Financial Background And Corporate Finance

At present,the Chinese economy is in a period of transition.Many non-financial companies are turning their attention to the financial market in order to get rid of the shortcomings of the real economy,in order to seek high returns and improve profitability.However,corporate financialization is a "double-edged sword".While improving the business situation of enterprises,there are also certain negative effects.Controlling the degree of financialization of enterprises is an important factor related to the sustainable and healthy development of enterprises.The high-level ladder theory provides a new direction for the study of corporate financialization: the influence of executive background characteristics on corporate financialization.Because corporate executives are the core of business operations,they have the greatest influence in the company,and their decisions influence the direction of the company.This paper studies the relationship between the financial background of corporate executives and the degree of financialization of enterprises from the perspective of factor density heterogeneity.Firstly,based on cluster analysis,the selected sample listed companies clustered factor density into three major industries: technology-intensive,capital-intensive and labor-intensive.On the one hand,descriptive statistical analysis of the degree of corporate financialization and executive financial background from the industrial level;on the other hand,the use of panel regression model,the relationship between executive financial background and financial level,factor density and corporate finance The relationship between the relationship and the intensity of factors on the adjustment of the relationship between financial background and financial level of executives is empirically studied.The study found that:(1)the financial background of executives will significantly improve the level of corporate financialization;(2)the degree of financialization of labor-intensive enterprises will be significantly higher than that of technology-intensive enterprises and capital-intensive enterprises;(3)technology Intensive,factor intensity has a negative regulation effect on the relationship between financial background and financial level of capital;capital-intensive enterprises have no adjustment effect on the relationship;labor-intensive enterprises have positive relationship between the two Regulating effect.The empirical research in this paper reveals the relationship between the financial background of executives and the financialization of enterprises,especially the differences in the relationship between the two factor-intensive industries,so that we can see the status of the financialization of listed companies in China more comprehensively and clearly.To provide a basis for further optimizing the allocation of enterprise resources and promoting the development of listed companies.