| In recent years,the development of real enterprises in China has seriously "shifted from real to real".Real enterprises rely excessively on investment and continue to expand the proportion of financial investment.Financial asset investment has gradually become the way for enterprises to pursue high returns,and the function of serving the real economy has deviated somewhat.Virtual economy investment work quickly,high rate of return,the real estate market speculation and bubble to the real economy has a "siphon effect",a lot of money into the financial,real estate and other virtual industry,further with the real economy,exacerbated the entity enterprise in the transformation of development,reform and innovation difficulties,dispel the enthusiasm of the enterprise’s main business investment development,lead to lack of reform and development.From the macro level,excessive investment in the financial sector and the capital of the real economy deviates from the purpose of finance,and intensifies the hollowing out of real enterprises,which is easy to lead to bubbles,cause financial risks and affect social stability.From the micro level,the CEO as the main initiator and leader of enterprise strategic decisions,strategic decisions for the survival and development of the enterprise plays a decisive role,its risk appetite and investment and financing behavior by age,financial background,education background,term and other factors,so this paper from the perspective of the CEO financial background of excessive financial in-depth research.This paper is based on the data of 2010-2021,the CEO financial background as the breakthrough point,the empirical study on the influence on excessive financialization,and the property nature of the relationship,expand the further analysis of the unity and the chairman of the CEO and excessive financialization,and in excessive financialization in enterprise financialization degree,the CEO financial background on its influence.The results show that:(1)there is a significant positive correlation between CEOs with financial background and excessive financialization of enterprises.Since the investment return of the financial sector is higher than the entity investment return,based on the brand theory,CEOs with financial background are more incentive to turn productive funds to the financial sector,improve the operation efficiency of funds and obtain high returns.Compared with CEOs without financial background,the possibility of excessive financialization of enterprises is increased.(2)The nature of property rights,as a regulatory variable,plays a significant positive regulating role between the financial background of the CEO and the excessive financialization of enterprises.In China’s system and economic environment,state-owned enterprises have the support of the government,even if the investment failure,the financial support.CEOs of state-owned enterprises have strong political background and rich interpersonal connections,so CEOs with financial background are more likely to aggravate the investment of financial assets and increase the possibility of excessive financialization of enterprises.The operation and development of non-state-owned enterprises are affected by many internal and external environment.Due to the limitations of their own scale,operating life and anti-risk ability,financing channels are limited,so it is difficult to obtain bank loans and easy to fall into the shortage of funds,which reduces the possibility of excessive financialization.(3)In the separation of the two positions,CEOs with financial background have a more significant positive impact on the excessive financialization of enterprises.This paper deeply discusses the phenomenon and causes of the excessive financialization of enterprises,and provides opinions and suggestions for further curbing the excessive financialization of enterprises.Based on the conclusions drawn from the empirical study,There are mainly the following three suggestions:(1)to improve the mechanism of enterprise executive competition and talent reserve,Build a team of senior executives with rich background features,Avoid the negative effects of a single background;(2)Accelerate the establishment of a multi-level financial market system,Improving the financial services,Gradually help non-state-owned enterprises out of the predicament of financing difficult and expensive financing;(3)Improve the enterprise supervision and incentive mechanism,To curb the trend of excessive corporate financialization,Make the CEO decisions more objective and rational,Help companies establish the idea that financial capital serves the real economy,Correct the position of the financial assets,Avoid short-sighted behavior that causes asset bubbles.Through the empirical research results,enterprises are encouraged to rationally allocate financial funds and industrial funds,continuously expand the real industry to create value,and provide empirical data for the steady development of the real economy and the prevention and mitigation of regional financial risks. |
