上市公司资本结构的同行效应研究
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| Title | On Peer Effect of Chinese Listed Firms’ Capital Structure
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| 作者 | 姜永宏 莫斌 田存志 |
| Author | Jiang Yonghong,Mo Bin and Tian Cunzhi |
| 作者单位 | 暨南大学 |
| Organization | Jinan University |
| 作者Email | ojyh@jnu.edu.cn；296555935@qq.com；tiancunzhi@sina.com |
| 中文关键词 | 资本结构 模仿机制 同行效应 领导者 跟随者 |
| Key Words | Capital Structure; Imitation Mechanism; Peer Effect; Leaders; Followers |
| 内容提要 | 本文在考虑企业融资决策存在溢出效应和模仿机制的前提下，利用我国2008-2015年的1054家上市公司数据，采用两阶段最小二乘估计，系统研究了我国上市公司资本结构的同行效应。研究结果发现，我国上市公司的资本结构受到了同行公司的显著影响，公司的融资决策更多地是模仿同行业领导者的资本结构；进一步发现，这种影响随行业规模的变大而减弱。本文从同行效应的角度阐明了我国上市公司融资决策的行为机理，完善了模仿机制和溢出效应的实证研究。 |
| Abstract | After considering the spillover effect and imitation mechanism in firms’ financing decision, we employ the method of two-stage least squares to examine the peer effect on the capital structure of Chinese listed firms，which is based on a sample of 1054 Chinese listed firms from 2008 to 2015. The results indicate that the capital structure of Chinese listed firms is significantly influenced by their peer firms, and the firm’s financing decision is more likely to imitate the leading firms in the same industry. Further, we find that the impact of peer effects on the capital structure tends to be weakened when increasing the scale of industries. Our study enriches the behavioral mechanism of financing decision-making of Chinese listed firms as well as strengthens empirical studies on the firms’ imitation mechanism and spillover effects. |
| 文章编号 | WP1192 |
| 登载时间 | 2017-06-09 |
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