高管财务背景、企业金融化与企业创新

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-08-25 DOI:10.1016/j.irfa.2025.104580

Tongtong Sun , Ziliang Xie , Yunxing Song , Maopeng Lu

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引用次数: 0

摘要

本研究以2012 - 2023年上市公司为样本，系统分析了CEO财务经历对企业创新决策的抑制效应及其机制。结果表明，具有金融背景的ceo显著降低了企业创新，证实了与金融经验相关的短期投资偏好和风险厌恶倾向。企业金融化程度在金融背景高管与创新抑制之间起着显著的中介作用，金融背景ceo通过增加金融资产配置来挤出研发投资。高管财务背景对创业板企业的抑制作用不显著，对主板企业的抑制作用显著。

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Executives' financial background, corporate financialization and corporate innovation

This study systematically analyzes the inhibitory effect of CEO financial experience on corporate innovation decisions and its mechanisms using listed companies from 2012 to 2023. Results indicate that CEOs with financial backgrounds considerably reduce corporate innovation, confirming the short-term investment preference and risk aversion tendency associated with financial experience. The degree of corporate financialization plays a notable mediating role between financial background executives and innovation inhibition, as CEOs with financial backgrounds squeeze out research and development investment by increasing financial asset allocation. The inhibitory effect of executives' financial backgrounds is insignificant for Growth Enterprise Market enterprises and significant for main board enterprises.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.