高管职业经历多样性对企业金融化的影响研究

With the deepening of the financial degree of China\'s real enterprises, the risk of economic "from real to virtual" is increasing day by day. As an important decision-making subject of an enterprise, senior executives\' professional experience has a positive or negative effect on the financial asset allocation of an entity enterprise through internalization of its own habitual thinking mode and behavior mode. It is of great theoretical and practical significance to systematically and deeply study the role of senior executives\' professional experience in the financialization of real enterprises, as well as to promote the improvement of investment efficiency of real enterprises and the conversion of old and new drivers, prevent idling of capital and promote the successful economic transformation. This paper uses the mixed effects model of panel data to study the impact of executive career diversity on financialization of real enterprises. It not only carries out the study from the baseline regression, but also carries out the heterogeneity analysis from the three aspects of action mechanism and property right, degree of marketization, and type of financial assets. The main research contents and conclusions are as follows: Firstly, the mixed effects model of panel data is used to find that executive career diversity has an inhibitory effect on the financialization of real enterprises. Secondly, the empirical results show that the influence path set in the paper is true. Thirdly, the heterogeneity test of the total samples according to property right nature, marketization degree and financial asset type shows that there is significant heterogeneity.