企业土地投资如何传染——基于同群效应的视角

How Does Corporate Land Investment Spread:Based on the Perspective of Peer Effects

本文基于2007—2020年中国上市公司土地交易数据,使用动态面板广义矩估计模型,检验企业土地交易投资决策时模仿性同群效应和学习性同群效应,并实证分析产生机制和异质性因素。结果表明,企业在土地投资决策时存在显著的模仿性同群效应和学习性同群效应,且模仿性同群效应反映在决策当期而学习性同群效应在滞后期。产生机制在于信息学习和竞争驱动,地方政府干预较低或市场化程度较高,行业竞争程度更高,同群效应更显著。在异质性因素上,非国有企业、小规模企业和成长期企业更倾向于模仿和学习同群组企业的土地投资行为。

Based on land transaction data of Chinese listed companies from 2007 to 2020,this paper uses the Dynamic Panel Generalized Moment Estimation model to empirically test the existence of imitation and learning peer effects,and examine their mechanisms and heterogeneity factors.The empirical results show that corporate land investment has significant imitative and learning peer effects,and imitative peer effects are reflected in the decision-making period,while learning peer effects are delayed in the later stage.The mechanisms of peer effects are driven by information learning and competitive incentives,with lower local government intervention,higher marketization and greater competition,corporates have greater motivation to imitate their peers.Heterogeneity analysis indicates that non-state-owned enterprises,smaller and growing corporates are more inclined to imitate and learn from their peers.