同群效应对企业金融化行为影响的模型构建及实证

Peer Effects on Corporate Financialization:Model and Empirical Study

基于社会互动理论和连锁董事理论,将企业对同群企业的模仿效应和企业对同群企业特征信息的学习效应纳入统一的分析框架下,探究企业金融化行为同群效应的存在性和策略选择,分析得出,企业受到同群企业金融化行为的影响而进行金融化行为,或者通过学习同群企业特征信息得到相关技术或经验从而使自身也进行金融化行为,二者会使金融化行为具有同群效应。进一步基于中国上市企业相关数据进行检验的结果表明:同一连锁董事网络中的企业金融化行为确实存在显著的同群效应;企业金融化行为与同群企业金融化行为之间存在显著的正相关关系,企业也会根据同群企业传递的特征信息来修正自身金融化行为,即同群效应有模仿和学习之分;相较模仿效应,学习效应对企业金融化行为的贡献度更大,表明同群效应主要是企业理性学习的结果;学习效应通过挤入效应和挤出效应来发挥作用。上述结论说明,虽然企业金融化行为受到自身特征及同群效应中模仿效应的影响,但同群效应中的学习效应也不容忽视。

The study of this paper proved that peer effects exist and strategy selection in corporate financialization.After theoretical analyzing based on the social interaction theory and interlocking directors’ network theory,it is found that enterprises will make the decision of starting financialization behavior due to influence of financialization behaviors of peers,or to gain the technology and experience through social learning during contacting with peers.Both of them make corporate financialization activities have peer effects.Further empirical study using panel data from the China’s listed enterprise confirmed the above deduction showing that:(1) Firm’s financialization decisions are partly driven by a response to their peers.(2) In particular,the firm’ s financialization decisions have a significant positive correlation with its peers’ decisions.It will also adjust its financialization decisions by learning the financial information of its peers.(3) Compared with the imitation effect,the learning effect has a greater contribution to corporate financial behavior,indicating that the peer effects is mainly the result of corporate rational learning.(4) Learning effect mainly plays a role through crowding in effect and crowding out effect.The above conclusions show that although corporate Financialization is affected by their own characteristics and the imitation effect in peer effects,the learning effect in peer effects can not be ignored.