企业投资决策中的同行效应研究:模仿与学习

Peer Effects in Corporate Investment Decisions: Imitation and Learning

非均衡的投资增长阻碍了中国经济的健康发展。本文考察2001—2015年间我国上市公司新增投资的同行效应。研究表明,公司投资决策中确实存在同行效应。企业的新增投资与同行投资呈显著正相关关系,企业也会接收同行企业财务特征传递的信号修正自身的投资策略,即同行效应有模仿和学习之分。企业偏向模仿同行中规模较大的企业。地方政府制定的政策会进一步加剧模仿效应,且不同产权性质的企业受同行效应及政策冲击的影响不尽相同。

Unbalanced investment growth has hindered the development of Chinese economy.In this paper we examine the peer effect of investment expenditure on new projects among listed companies in China between 2001 and 2015.Our research illustrates that firms’investment decisions are partly driven by a response to their peers.In particular,the firm’s investment decisions have a significant positive correlation with its peers’decisions.It will also adjust its investment strategies by learning the financial information of its peers.Companies tend to imitate their larger peers.Meanwhile,the policies formulated by local governments will further aggravate the imitation effect.