企业零杠杆策略与投资同群效应  

Corporate Zero-Leverage Strategy and Investment Peer Effect

作　　者：贺宏[1] 史璐寒 张肖飞 HE Hong;SHI Lu-han;ZHANG Xiao-fei(School of Accounting,Capital University of Economics and Business,Beijing 100070;Accounting School,Henan University of Economics and Law,Zhengzhou 450046,China)

机构地区：[1]首都经济贸易大学会计学院,北京100070 [2]河南财经政法大学会计学院,河南郑州450046

出　　处：《兰州大学学报（社会科学版）》2024年第1期152-165,共14页Journal of Lanzhou University（Social Sciences）

基　　金：国家社会科学基金项目“资产误定价与系统性金融风险平滑性释放及动态监管研究”(16BGL050);河南省高等学校哲学社会科学创新团队支持计划“数字经济下资本市场财务与会计研究”(2023-CXTD-07)。

摘　　要：零杠杆策略作为一种企业财务“异象”,对企业自身及行业内企业的投融资决策都可能产生异质性影响,尤其是如何影响投资同群效应值得深入探讨。以2009-2022年沪深A股非金融上市企业数据为研究样本,实证检验企业零杠杆策略对投资同群效应的影响。研究发现:企业零杠杆策略会抑制投资同群效应。基于零杠杆策略实施动因考虑发现,企业零杠杆策略主要因股权融资充分来抑制投资同群效应。经过倾向得分匹配法、Heckman两阶段回归、工具变量法等一系列内生性检验与稳健性检验发现,研究结论保持不变。异质性检验发现,零杠杆策略对企业投资同群效应的抑制作用在未受到产业政策支持的企业、国有企业和非高新技术企业中更加显著。为了更好发挥零杠杆策略的作用,建议企业完善股权融资路径,降低企业出现资金链断裂的可能性。同时国家应加强产业政策的支持,积极引导企业投资的“去同群化”。As an enterprise financial“anomaly”,zero-leverage strategy may have heterogeneous effects on the investment and financing decisions of an enterprise and the related enterprises in the industry.It is espe-cially worth exploring the impact of zero-leverage strategy on the investment peer effect.Taking the data of A-share non-financial listed enterprises in Shanghai and Shenzhen from 2009 to 2022 as research samples,this paper empirically examines the impact of corporate zero-leverage strategy on investment peer effect.The result shows that zero-leverage strategy inhibits the investment peer effect.Considering the motivation of zero-leverage strategy,it is found that the zero leverage strategy mainly suppresses the investment peer effect due to sufficient equity financing.After the propensity score matching method,Heckman two-stage regres-sion,instrumental variable method and a series of endogenous tests and robustness tests,the research find-ings remain unchanged.The heterogeneity test finds that the inhibitory effect of the zero-leverage strategy on the investment peer effect is more significant in enterprises that are not supported by industrial policies,state-owned enterprises and non-high-tech enterprises.In order to play the role of zero-leverage strategy better,it is recommended that enterprises improve the path of equity financing to reduce the possibility of capital chain breaks.Meanwhile,the state should strengthen the support of industrial policy and actively guide the“de-peering”of enterprise investment.

关 键 词：零杠杆策略 企业投资 同群效应 产业政策 产权性质 

分 类 号：F275[经济管理—企业管理]