投资者情绪放大企业金融化行为同群效应了吗?  

Does Investor Sentiment Amplify Peer Effect of Corporate Financialization Behavior?

作　　者：汪宝 臧日宏[1] 覃诚 赵振宇[2] Wang Bao;Zang Rihong;Qin Cheng;Zhao Zhenyu

机构地区：[1]中国农业大学经济管理学院,北京100083 [2]宁夏大学经济管理学院,宁夏银川750021

出　　处：《企业经济》2023年第1期150-160,共11页Enterprise Economy

基　　金：国家社会科学基金项目“‘一带一路’沿线国家文化差异对投资效率的影响研究”(项目编号:19BJY183)。

摘　　要：近年来,同群效应成为企业金融化行为的原因之一,深受学者广泛关注。在2009—2020年A股上市企业数据的基础上,实证研究投资者情绪是否影响以及如何影响企业金融化行为同群效应,并进一步探究企业异质性特征下的影响差异。研究结果表明:投资者情绪越活跃,企业金融化行为受同群企业金融化行为影响就越大,即投资者情绪放大企业金融化行为同群效应;投资者情绪对企业金融化行为同群效应的放大作用在民营企业、融资约束高、总经理和董事长二职合一的企业中更明显。因此,为减少企业金融化行为受同群效应的影响程度,抑制企业“脱实向虚”,政府应该提高企业信息披露质量和投资者金融素质,避免资本市场中投资者情绪过分波动。优化营商环境、强化实体经济支持力度等都是必要措施。In recent years,peer effect has become one of the reasons for corporate financialization behavior,which has aroused widespread concern among scholars.On the basis of A-share listed companies from 2009 to 2020,this paper empirically studies whether and how investor sentiment affects the peer effect of corporate financialization behavior,and further explores the impact differences under the heterogeneous characteristics of enterprises.The results show that the more active the investor sentiment,the more likely the corporate financialization behavior is affected by the financialization behavior of peer enterprises,that is,the investor sentiment amplifies the peer effect of corporate financialization behavior;the amplification effect of investor sentiment on the peer effect of corporate financialization behavior is more obvious in private enterprises,enterprises with high financing constraints and the two position of general manager and chairman in one.Therefore,in order to reduce the influence of the peer effect on the financialization behavior of enterprises and restrain enterprises from"moving from real to virtual",the government should improve the quality of enterprise information disclosure and the financial quality of investors to avoid excessive fluctuation of investor sentiment in the capital market.Improving the business environment and strengthening support for the real economy are all necessary measures.

关 键 词：企业金融化 同群效应 投资者情绪 企业异质性 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]