摘要
基于中国A股上市公司2000—2020年的长面板数据,在经济周期视角下研究企业金融资产配置的同群效应。研究发现:企业金融资产配置存在显著的同群效应,具体表现为学习效应和模仿效应;且经济周期对企业金融资产配置的同群效应具有显著的抑制作用。上述结论在进行了一系列稳健性检验后依然成立。进一步研究发现经济周期对企业金融资产配置同群效应的抑制作用存在显著的差异性,即在小规模企业、非国有企业、高管无金融背景的企业和所处信息环境更差的企业中更加显著。研究意义在于拓展了企业金融资产配置同群效应的研究边界,为政府开展宏观政策调控以防范金融风险扩散提供了理论支持与经验证据。
Based on the long panel data of A-share listed companies in China from 2000 to 2020,this paper studies the peer effect of enterprise financial asset allocation from the perspective of economic cycle.The research finds that there is a significant peer effect in the allocation of financial assets,which is embodied in learning effect and imitation effect.Besides,economic cycle has a significant inhibitory effect on the peer effect of enterprise financial asset allocation.The above conclusions are still valid after a series of robustness tests.Further research finds that there is a significant difference in the inhibitory effect of economic cycle on the peer effect of corporate financial asset allocation,that is,it is more significant in small-scale enterprises,non-state-owned enterprises,enterprises with senior executives who have no financial background and enterprises with worse information environment.The significance of the study lies in expanding the research boundary of peer effect of enterprise financial asset allocation,and providing theoretical support and empirical evidence for the government to carry out macro-policy regulation so as to prevent financial risk diffusion.
作者
吴娜
魏智佳
白雅馨
WU Na;WEI Zhi-jia;BAI Ya-xin(School of Accounting,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《云南财经大学学报》
CSSCI
北大核心
2023年第2期45-64,共20页
Journal of Yunnan University of Finance and Economics
基金
教育部人文社会科学项目(18YJC630199)
天津市宣传文化“五个一批”人才项目。
关键词
企业金融资产配置
同群效应
经济周期
Enterprise Financial Asset Allocation
Peer Effect
Economic Cycle
