同群效应与实体企业金融化

The Peer Effect and Firms’ Financialization

本文以2007~2016年中国非金融上市公司为样本,实证检验实体企业金融化的同群模仿行为。本文研究发现,中国实体企业金融化行为存在明显的行业同群效应,采用行业股票异质收益率为工具变量后的检验结论依然有效;高管团队投行背景显著增强了行业同群效应;本文进一步检验了实体企业金融化同群效应的异质性,结果发现,较大的管理层权力、较低的负债比率和较低的成长性强化了金融化同群效应。

The current financialization of entity enterprises has become a hot topic. This paper studies the peer effect by using Chinese non-financial listed companies from 2007 to 2016 as samples. It is found that there exists an obvious peer effect in the financial investment of Chinese entity enterprises. The conclusions is still robust after using the industry’s idiosyncratic equity returns as instrumental variables. Moreover, investment banking background of the senior management significantly enhances the industry peer effect. Further research on the heterogeneity of the peer effect of financialization finds that greater management power, lower debt ratio and lower level of growth will enhance the peer effect. This paper reveals the phenomenon of industry interaction and agglomeration of financial behavior of entity enterprises, which provides new enlightenment for comprehensive management of over-financialization of entity enterprises.