Heterogeneity Of Managers,property Rights And Financialization Of Enterprises

In recent years,the profit margin of the real economy has gradually declined,while the financial industry has developed rapidly,leading to the financialization of non-financial enterprises in China.As the main body of the real economy,the financialization of manufacturing industry has attracted the attention of the party and state leaders.It is an urgent task for China's economic development to curb the development trend from real economy to virtual economy.Studies have shown that the change of external financial environment,the decline of profit rate of physical investment and the change of corporate governance concept will affect the financialization level of enterprises.However,related researches pay more attention to the internal and external environment and concept changes of enterprises,and relatively few researches on the micro-subject managers of enterprises.In the era of knowledge economy,according to the resource-based theory,enterprise decisionmaking in addition to need to rely on substantial resources,also need to guide the enterprises to develop in the direction of cognition and judgment of administrators,according to executives echelon theory,management background characteristics of heterogeneity,such as gender,age,tenure,education background,professional background,etc.Will make the enterprise make differentiation decisions,therefore the cause of the financialization of the enterprise is bound to have a new understanding,on the basis of predecessors' research has important significance to further explore the enterprise financialization.Therefore,this paper,based on the development background of "shifting from real to virtual" in Chinese enterprises,explores the relationship between manager heterogeneity and enterprise financialization from the perspective of manager heterogeneity and combined with different property rights.This paper selects the data of a-share listed manufacturing companies in the Shanghai and shenzhen stock exchanges from 2009 to 2018 as samples,puts forward hypotheses based on the theory of executive echelon,principal-agent theory,resource-based theory and behavioral finance theory,and conducts an empirical test using the multiple regression model.The results show that :(1)the heterogeneity of managers' financial background is positively correlated with the financialization of enterprises,and the correlation is stronger in state-owned enterprises.(2)the heterogeneity of managers' academic background is negatively correlated with the financialization of enterprises,and there is no significant difference in the relationshipbetween state-owned enterprises and non-state-owned enterprises.(3)the heterogeneity of managers' educational background is positively correlated with the financialization of enterprises,and the correlation is stronger in non-state-owned enterprises.From the perspective of manager behavior,this paper enriches the research on manager heterogeneity and financialization of enterprises and provides a new way of thinking for the research on financialization of enterprises.At the same time,it provides empirical basis for guiding managers to establish correct psychological cognition and value concept in the decision-making process,provides certain reference for talent selection and human resource management of listed companies,and provides new basis for speeding up the reform of state-owned enterprises and improving corporate governance mechanism.