高管海外背景与企业金融化对人力资本结构调整影响的实证研究

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-06 DOI:10.1016/j.frl.2025.107673

Bo Zhao , QiaoSong Jing

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引用次数: 0

摘要

本研究以2008 - 2023年中国上市公司数据为样本，深入考察高管海外背景和公司金融化对人力资本结构调整的影响。研究表明，企业金融化有利于人力资本结构的优化和调整。高管海外背景在企业金融化与人力资本结构调整的关系中起调节作用，且这种调节作用在高新技术企业与非高新技术企业之间呈现异质性。市场竞争力在企业金融化与人力资本结构调整之间起中介作用。

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An empirical investigation into how executives' overseas backgrounds and corporate financialization influence human capital structure adjustment

This study utilizes data from Chinese listed companies from 2008 to 2023 as a sample to thoroughly examine the impact of executive overseas background and corporate financialization on the adjustment of human capital structure. The research indicates that corporate financialization facilitates the optimization and adjustment of human capital structure. The overseas background of executives plays a moderating role in the relationship between corporate financialization and human capital structure adjustment, and this moderating effect exhibits heterogeneity between high-tech and non-high-tech enterprises. Market competitiveness acts as a mediating factor between corporate financialization and human capital structure adjustment.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance