共同分析师网络下企业持股金融机构的同群效应研究

A Study on the Peer Effect of Enterprises Holding Financial Institutions under the Co-Analyst Network

本文基于实业资本持股金融机构的数据,考察了共同分析师网络下实体企业持股金融机构同群效应的存在性、内在机制和经济后果。研究发现,企业在持股金融机构上具有显著的同群效应,信息传递和管理层决策是驱动企业持股金融机构同群效应的潜在机制,主要表现为共同分析师网络中心度越高、共同审计师比例越低、管理层权力和能力越小,企业持股金融机构的同群效应越强。经济后果分析表明,共同分析师网络下持股金融机构同群效应显著降低了企业的短期和长期经营业绩,并增大了企业的长期经营风险,但对短期经营风险的影响并不显著。本文从同群效应层面为我国实体企业持股金融机构的发生机制和经济后果提供了一个新的微观视角,对于防范产融结合带来的经营风险具有重要的启示意义。

Based on the data of industrial capital holding financial institutions,this paper examines the existence,internal mechanism and economic consequences of the peer effect of real enterprises holding financial institutions under the co-analyst network.It is found that there is a significant peer effect in financial institutions,and information transfer and management decision are the potential mechanisms driving the peer effect.The results show that the higher the centrality of the co-analyst network,the lower the proportion of co-auditors,the smaller the rights and abilities of the management,the stronger the peer effect.The analysis of economic consequences shows that the peer effect of holding financial institutions under the co-analyst network significantly reduces the short-term and long-term operating performance of the enterprises,and increases the long-term operating risk of the enterprises.The impact on the short-term operating risk is not significant.The research in this paper provides a new microscopic perspective for the occurrence mechanism and economic consequences of enterprises holding financial institutions,and has important enlightenment significance for preventing the operating risk brought by the industry-finance integration.