Abstract：From the perspective of the financialization of entity enterprises, using the sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2008 to 2019, this study explores the impact of cross-ownership on the financialization of entity enterprises. It also discusses the mechanism and environment. The empirical result shows that cross-ownership has a significant negative impact on the financialization of entity enterprises. Further, the mechanism tests show that cross-ownership mainly inhibits the financialization of entity enterprises by easing financing constraints and reducing agency costs. The heterogeneity test shows that the negative relationship between cross-ownership and the financialization of entity enterprises is more significant in enterprise groups with higher human resource slack.
王新光，盛宇华. 连锁股东对企业“脱实向虚”的影响研究[J]. 管理学报, 2022, 19(12): 1776-.
WANG Xinguang，SHENG Yuhua. Research on the Impact of Cross-Ownership on the Firms’ Transformation from Virtual to Real. Chinese Journal of Management, 2022, 19(12): 1776-.
