Based on the panel data of China A-share non-ST non-financial listed companies from 2018 to 2022,this paper makes an analysis of the influence of managerial shareholding on the financialization of companies from the perspective of managerial financial background by regulatory effect test.It is found that managerial ownership is negatively correlated with the degree of corporate financialization,and managerial financial background is a positive regulating variable between managerial ownership and corporate financialization.With the improvement of managerial financial background,the inhibition of managerial shareholding on corporate financialization gets worse,and the managerial financial background strengthens the negative correlation between them.In order to reduce the financial business encroachment on the entity business in the business entity,the company should appropriately increase the shareholding ratio of the management with financial background on the basis of an equity incentive mechanism,and the management having financial background and holding shares should be good at using professional information to avoid short-term speculation.The government should appropriately intervene in corporate deviation from real physical business and push companies to optimize the background structure of shareholding management,so as to boost the steady development of the real economy.
company financializationmanagement shareholdingfinancial backgroundregulatory effect
NETL
NSTL
万方数据
