同群行为与企业金融化投资动因分析

Peer-Group Effect and the Motive of Firms’ Financialization Investment

本文选取2009~2018年A股上市公司数据作为研究样本,从同群效应的角度研究企业金融化产生的动因及其对脱实向虚行为的影响。研究发现:(1)企业同群金融化投资行为会直接影响企业自身金融化投资比例;(2)从内部模仿机制来看,同群获利会导致企业盲目跟随行为,而同群亏损并不会形成震慑作用;(3)从外部模仿机制来看,行业竞争而非过往投资经验,是企业进行金融化同群模仿行为的重要原因。未来应进一步规范企业投资行为,避免系统性金融风险的扩散。

On the basis of the samples of A-share Chinese listed firms over the period of 2009 to 2018,the paper tries to analyze the motives and mechanism of firms’ financialization from the perspective of"peer effect".The results show that:(1)peer effect will directly affect financial investment behavior of targeted firm;(2)from the perspective of internal imitation,firms may imitate others’ behavior if peer group gets positive return from financial investment,while negative return borne by peer group may not deter target firms’ financial investment decision;(3)from the perspective of external imitation strategy,rivalry-based channel,rather than former investment experience,plays the most vital role as to imitation behavior.Firms’ investment behavior should be regulated more strictly as a way to avoid diffusion of systematic financial risk.