主动学习与被动反应:中国上市公司多元化经营同群效应研究  

Active Learning and Passive Reaction:Peer Effect of Diversification in Chinese Listed Companies

作　　者：霍春辉[1] 田伟健 HUO Chun-hui;TIAN Wei-jian(Faculty of Economics,Business School,Liaoning University,Shenyang 110136)

机构地区：[1]辽宁大学经济学部商学院,沈阳110136

出　　处：《软科学》2024年第10期99-112,共14页Soft Science

基　　金：国家社会科学基金项目(22&ZD148)。

摘　　要：以2007—2020年中国沪深A股上市公司为研究样本,对企业多元化经营同群效应进行了理论分析与实证检验,并在此基础上进一步从同群效应视角探究了企业开展多元化经营的内在动因机制及外部环境异质性。研究发现,中国上市公司多元化经营存在明显的行业和地区同群效应现象,在经过一系列稳健性检验后该现象依旧显著。机制分析显示,基于学习的主动模仿和基于竞争的被动反应是同群效应视角下企业开展多元化经营的两个重要动因。异质性分析表明,企业所处地区的市场化程度越高,所处行业的集中度越低,模仿同群企业开展多元化经营的程度越强。Taking the A-share listed companies in Shanghai and Shenzhen of China from 2007 to 2020 as research samples,this paper tests the existence of the peer effect of diversification and further explores the motivation mechanism and heterogeneity of enterprises to carry out diversification from the perspective of peer effect.The results show that the diversification of listed companies in China has an obvious industry and regional peer effect phenomenon,which is still significant after a series of robustness tests.The mechanism analysis shows that learning-based active imitation and competition-based passive response are two important reasons for enterprises to carry out diversified operations from the perspective of peer effect.Heterogeneity analysis shows that the higher the degree of marketization in the region,the lower the degree of concentration in the industry,and the stronger the degree of diversification by imitating the peer group of enterprises.

关 键 词：多元化经营 同群效应 主动模仿 被动反应 

分 类 号：F832.51[经济管理—金融学] F272.3