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本文以2007~2015年间A股的农业类上市公司为样本,研究农业类上市公司董事长个人特质对企业金融化水平的影响。发现有财经类从业背景的董事长偏好投资金融资产,而只有农业类从业经历的董事长对投资金融资产持规避态度,董事长为男性、年龄越低、学历越高越偏好投资金融资产。进一步研究发现,农业企业金融化水平越高会导致企业整体风险的提高,说明农业企业过多投资金融资产的非农化经营并不可取。
This article takes the A-share agricultural listed companies from 2007 to 2015 as a sample to study the influence of the individual traits of agricultural listed companies on the financialization of enterprises. Found chairman of the board with financial and economic background preferred investment in financial assets, and only agricultural experience of the chairman of the board to avoid investment in financial assets attitude, the chairman of the board for men, the lower the age, higher qualifications, the more the preferred investment in financial assets. Further study found that the higher the level of financialization of agricultural enterprises will lead to an overall increase in corporate risk, indicating that excessive investment in agricultural enterprises of non-agricultural investment in financial assets is not desirable.