企业的“脱实向虚”具有同群效应吗?

Does firms’“from real to virtual”behavior have peer effect?

探究了上市公司金融化同群效应的存在性及潜在机制.实证结果表明,无论从行业还是地区角度来看,企业的金融化行为均存在显著的同群效应.在一系列稳健性检验以及排除潜在的内生性问题后,上述结论仍然成立.就其产生机制而言,企业所在行业的竞争程度是行业层面金融化同群效应的潜在机制,且该行业与金融行业之间较高的收益率差距会加剧上述行业竞争程度的影响;从地区层面来看,企业金融化的地区同群效应主要源于地区内的信息交流式学习,较低的地区融资约束会加剧信息交流式学习对企业金融化同群效应的影响,而较高的地区金融监管程度则能够缓解上述影响.

This paper explores the existence and potential economic mechanisms of the peer effects of corporate financialization.Empirical results show that there exist significant industrial and regional peer effects of listed firms’financial investment.This conclusion still holds after a series of robustness checks and excluding possible endogeneity.In terms of the economic mechanism,the degree of competition in the same industry is the potential mechanism of the industrial peer effect,and a higher return gap between the given firm’s industry and the financial industry aggravates the impact of competition.At the regional level,the information learning within the region provides a foundation for the regional peer effect.A lower regional financing constraint aggravates the impact of information learning,while a higher degree of regional financial supervision alleviates the above effect.