制度环境抑制了企业过度负债同伴效应吗?——基于信息不对称中介效应的分析

Does Institutional Environment Restrain the Peer Effects of Excess Leverage?Base on Mediating Effects of Information Asymmetry

基于2006-2018年30个国家的上市公司为样本,考察制度环境对企业过度负债同伴效应的影响。研究发现:法律环境、政府效率等制度环境可以显著降低企业过度负债同伴效应;制度环境对企业过度负债同伴效应的影响存在异质性,当企业规模较小、过度负债程度较高、所在国家制度环境较好时,制度环境可以显著降低企业过度负债同伴效应。反之,上述影响则不显著;企业所在行业竞争程度较高时,制度环境可以更显著地降低企业过度负债同伴效应。

This paper takes the listed companies in 30 countries from 2006 to 2018 as samples to study the impact of institutional environment on the peer effects of corporate excess leverage.The conclusions are as follows:legal environment,government efficiency and other institutional environment can significantly reduce the peer effects of excess leverage;institutional environment on the peer effects of excess leverage has heterogeneity.When the enterprise scale is small,the degree of excess leverage is high and the institutional environment of the country where the enterprise is located is good,the institutional environment can significantly reduce the peer effects of excess leverage.On the contrary,the above influence is not significant;when the industry competition is high,the institutional environment can significantly reduce the peer effects of excess leverage.