企业财务决策同伴效应研究述评与展望  

Peer Effects in Financial Decision Making: A Literature Review and Future Research Outlook

作　　者：张天宇[1] 钟田丽[1] Zhang Tianyu;Zhong Tianli(School of Business and Administration,Northeastern University,Shenyang 110169,China)

机构地区：[1]东北大学工商管理学院,辽宁沈阳110169

出　　处：《外国经济与管理》2018年第11期3-16,共14页Foreign Economics & Management

基　　金：国家自然科学基金项目(71150002)

摘　　要：传统企业财务理论大多假设企业最优财务决策只与其自身特征或自身决策相关,而独立于其他企业的决策行为。近年来,国外学者将社会学领域中的同伴效应引入企业财务决策行为研究框架,为企业财务决策开辟了新的研究视角。本文首先从理论上介绍能够解释财务决策同伴效应的三种交互机制,并从"企业财务决策是否具有同伴效应"与"财务决策同伴效应产生机制"两个方面对现有实证研究成果进行系统梳理,接着详细介绍了同伴效应模型与识别条件、存在的内生性问题以及解决对策,最后结合现有研究现状与趋势指出未来研究方向,以期为国内学者开展企业财务决策同伴效应研究起到抛砖引玉的作用。This paper firstly introduces three possible theoretical mechanisms though which peer effects of corporate financial decisions might arise,namely preference interactions,expectation interactions and action choices constraint interactions.Preference interactions suggest that peer effects are essentially the continuously repeating best response interplay among interest pertaining parties,with each unit targeting at maximizing his/her own utility.Under the framework of expectation interactions,peers'actions will help to shape decision makers'expectation of a specific decision and thus influence final realization.Motivations,informational transfer channels and the consequence of information-based peer effects have been studied.Action choices constraint interactions can also explain peer effects when action based negative or positive spillover effects play a role.These theories provide us with deep understandings of different types of peer effects under different assumptions. Secondly,we systematically summarize extant empirical literature according to "whether peer effects exist in the process of financial decision making"and "what are the possible driving mechanisms behind peer effects in financial decisions".To be specific,we summarize the literature according to the reference group,which can be industry/product market,geographic neighborhood,social network, conglomeration,and experiment or statistically matching based group. Furthermore,we offer detailed descriptions of several types of identification empirical models, potential endogeneity problems and corresponding solutions,which are unique to the peer effect research.With different reasoning,indirect identification methods focus on some tractable characteristics of peer effects and make the judgment based on comparison between theoretical predication and real data realization.Then,advantages and disadvantages for both methodologies are summarized. Lastly,this review proposes a research framework.This framework not only integrates all three carefully elaborated

关 键 词：财务决策 同伴效应 识别方法 

分 类 号：F270[经济管理—企业管理]