近邻效应与企业资本结构决策——基于中国沪深A股上市企业的经验证据

Peer Effects and Capital Structure Decision of Chinese Firms Evidence from Chinese A-Share Listed Firms in Shanghai and Shenzhen

探讨我国实体经济和非金融企业部门杠杆率居高不下现象的成因对减少高债务给企业部门和金融稳定带来的风险具有重要意义。为剥离中美贸易摩擦外部冲击的影响,我们选择2009-2017年沪深A股非金融上市公司作为研究对象,基于行业和区域两种不同的近邻同伴界定,分别构建参照组内均值线性模型和空间计量模型,以验证近邻同伴效应在我国企业资本结构决策中的存在性及其作用路径。研究结果显示,我国上市企业的资本结构决策存在显著的行业和区域同伴效应,且行业同伴的影响更大。这表明资本结构决策中的近邻效应主要是基于行业竞争而进行的模仿和学习,它能够弥补企业能力或私有信息的不足并获得竞争优势。这一结论为政府稳步推进结构性去杠杆以及对企业举债行为进行管控和约束提供了理论依据。

It is particularly important to discuss the reasons for the current financial high leverage and its performance in different sectors so as to prevent and mitigate systemic financial risks.In order to strip the external impact of Sino-US trade friction,this paper selects the A-share non-financial listed companies in Shanghai and Shenzhen as the objects of analysis.Based on two different definitions of peer group with regard to industry and region,the study constructs a Linear-in-Means model and Spatial Durbin model,respectively,to verify the existence of peer effects in the decision-making of China’s corporate capital structure and analyze the path of peer effects.The results show that there exist significant industry and regional peer effects in the capital structure decisions of listed companies in China,but the influence of industry peers is greater,indicating that the information transmitted by industry peers is of greater value to enterprises.The path of peer effects among listed companies is imitation and learning on the basis of industry competition.The paper provides a theoretical basis for the government departments to steadily promote the structural deleveraging and to carry out management and control of corporate debt-raising activities.