The Research On The Influence Of The Characteristics Of Top Management Team On The Financialization Of Manufacturing Enterprises

Since the reform and opening,China has established a manufacturing system with a large scale and complete categories,which has made great contributions to China’s economic prosperity and stable employment.In 2015,China officially launched the "made in China 2025" action program,emphasizing the need to firmly grasp the historical opportunity of scientific and technological revolution and industrial reform,realize the transformation from "Made in China" to " Mind in China",and complete the strategic task of making China from large to strong.Although the task is arduous,the problems of low return on real investment and overcapacity still hinder the development of the manufacturing industry.At the same time,attracted by the high return of the financial industry,real enterprises are keen on financial investment,resulting in a large amount of funds pouring into the virtual economy sector.Under the condition of limited total funds,it will inevitably have a crowding out effect on the development of the main industry,and the real economy has a trend of "financialization".Because corporate behavior is deeply affected by the characteristics of executives,this dissertation studies this.This dissertation selects listed manufacturing enterprises from 2011 to 2020 as the research object,studies its impact on the financialization of manufacturing enterprises from the perspective of the characteristics of senior management team,selects the characteristics of senior management team age,female senior managers,education level and whether they have financial background as explanatory variables,and uses the proportion of financial assets to measure the financialization of manufacturing enterprises,It also makes a comprehensive analysis of the enterprise incentive system to test the regulatory role of equity incentive and salary incentive on the degree of financialization;Finally,according to the nature of enterprise property rights,this dissertation compares the impact of these four characteristics on the degree of enterprise financialization.The results of this dissertation show that:(1)Senior management team age,gender,education level and whether they have financial background have a significant impact on enterprise financialization: senior management age,female proportion and education level have a significant negative correlation with the degree of financialization of manufacturing enterprises,while the characteristics of senior management financial background have a significant positive correlation with the degree of financialization.(2)Different enterprise incentive systems have different effects on the degree of enterprise financialization.Equity incentive plays a significant negative role in the relationship between the age,gender,education level and financial background of senior management team and the financialization of manufacturing enterprises,while the salary incentive system plays a significant positive role.(3)This dissertation divides the sample into state-owned and non-state-owned enterprises.Through grouping regression,it can be concluded that compared with non-state-owned enterprises,the characteristics of senior management team have a more severe impact on the degree of financialization of state-owned enterprises.Due to the "double-edged sword" effect of financialization,an appropriate degree of financialization is conducive to the development of enterprises.Therefore,enterprises do not want to completely avoid the occurrence of financialization,but allow enterprises to reasonably allocate financial assets and prevent the occurrence of excessive financialization.The policy implications of the above conclusions are as follows: first,enterprises need to promote the optimization of management team structure,Improve the enterprise incentive system and assessment system;Secondly,senior executives need to change their investment management concepts and strengthen self-examination and mutual supervision;Finally,the government needs to establish a sound policy environment for the development of manufacturing enterprises and guide the financial industry to help the development of the real economy.