产融结合的同群效应研究——来自A股上市公司的经验证据  

Peer Effect on the Integration of Industrial-Financial Capital:Empirical Evidence from A-Share Listed Com-panies

作　　者：杨秀云[1] 刘岳虎 王全良[2,3] Yang Xiuyun;Liu Yuehu;Wang Quanliang(School of Economics and Finance,Xi’an Jiaotong University;Henan University of Economics and Law;Anyang Normal University)

机构地区：[1]西安交通大学经济与金融学院 [2]河南财经政法大学 [3]安阳师范学院

出　　处：《南开管理评论》2024年第3期15-25,I0003,I0004,共13页Nankai Business Review

基　　金：国家自然科学基金项目(71974158);陕西省软科学项目(2023-CX-RKX-143)资助。

摘　　要：已有关于产融结合的研究较少从同群效应视角考察。本文基于中国沪、深两市A股2008—2020年非平衡面板数据,重点探究产融结合同群效应的存在合理性、产生机制及可能造成的经济后果。研究发现,产融结合分别在深度和广度两方面存在显著的同群效应,采用同群企业股票特质收益率作为工具变量及多项稳健性检验,结果依然成立。领导企业的产融结合同群效应表现为“竞争动机”,追随企业的产融结合同群效应是出于“信息动机”。产融结合同群效应能够降低企业面临的风险,但是会提高社会层面的整体风险水平。本研究拓展了同群效应及产融结合影响因素的研究边界,为政府部门完善有关经济政策、企业制定产融结合决策提供了理论依据与经验证据。To further consolidate the market position,enterprises will expand their business fields,the most prominent performance of which is to expand into the financial field,specifically the integration of industrial-financial capital.The integration of industrial-financial capital is an economic behavior that takes the financial industry and the real industry as the main body,takes the equity relationship as the link,and combines through equity participation,shareholding,and personnel participation.It is an inevitable product prod-uct of the development of the market economy to a certain stage,an important means of enterprise development and expansion,and a concrete manifestation of the integration of industrial-financial capital between the real industry and the financial industry.Most of the existing studies on the motivation of the integration of indus-trialfinancial capital assume that the strategies of the integration of industrial-financial-capital among enterprises are mutually inde-pendent.They only consider the impact of the fundamental factors of the enterprise itself or the external macro-environmental factors and ignore the possible mutual influence of other enterprises in the same industry and the same region in the decision-making of the integration of industrial-financial capital.This paper discusses the peer effect of the integration of industrial-financial capital.Based on the unbalanced panel data of listed companies in the stock markets of Shanghai and Shenzhen from 2008 to 2020,this paper focuses on the rationale for the existence,causes and possible economic consequences of the peer effects on the integration of industrial-financial capital.It finds that there exists a significant peer effect for the integration of industrial-financial capital,and the further robustness test using the idiosyncratic return of stocks as an instrument variable still shows valid.As for the leader firms,the peer effect is mainly represented by the rivalry-based theory,while for the follower firms,the"information-based t

关 键 词：产融结合 同群效应 竞争动机 信息动机 

分 类 号：F832.51[经济管理—金融学]