我国上市公司资本结构“同群效应”研究

发布时间：2018-07-05 09:07

  本文选题：同群效应 + 资本结构　； 参考：《经济管理》2017年01期

【摘要】："同群效应"指个体的决策会受到同类人群的影响。近年来,我国上市公司负债率不断攀升和债务违约给实体经济带来了巨大风险。本文从我国上市公司资本结构的"同群效应"角度,为该类风险提供一种解释。研究发现:(1)我国上市公司的资本结构会显著受到同行公司资本结构的影响,即存在"同群效应"。本公司负债率增加对同行业其他公司具有正"溢出效应"。(2)"同群效应"影响机制之一是"管理者声誉考虑",管理者对自身声誉越重视,公司资本结构受同行公司影响越明显。(3)"同群效应"影响机制之二是"管理者信息学习",行业内跟随者会受到行业领导者公司资本结构的显著影响,且竞争程度高、不确定性强和增长速度快的行业的资本结构"同群效应"更为明显。上述机制导致行业内公司竞相增加负债水平,使行业内公司债务存在系统性违约隐患。本文拓展了资本结构理论研究,具有重要的监管启示。
[Abstract]:The "same group effect" means that individual decision-making is influenced by the same group of people. In recent years, the debt ratio of listed companies in China has been rising and debt default has brought huge risks to the real economy. From the point of view of the "same group effect" of capital structure of listed companies in China, this paper provides an explanation for this kind of risk. The findings are as follows: (1) the capital structure of listed companies in China will be significantly affected by the capital structure of their peers, that is, the "same group effect" exists. The increase of debt ratio of our company has positive "spillover effect" on other companies in the same industry. (2) one of the influence mechanisms of "same group effect" is "manager reputation consideration", and managers pay more attention to their own reputation. The influence of peer firms on corporate capital structure is more obvious. (3) the second is "information learning for managers", and the industry followers will be significantly affected by the capital structure of industry leaders, and the degree of competition is high. The capital structure of industries with strong uncertainty and fast growth is more obvious. The above mechanism causes companies in the industry to increase their debt levels in a race to make the corporate debt in the industry exist systemic default hidden danger. This article has expanded the capital structure theory research, has the important supervision enlightenment.
【作者单位】： 上海财经大学金融学院;
【基金】：国家自然科学基金项目“基于投资者非理性的财富掠夺及其监管研究”(71272009);国家自然科学基金项目“行为信号对市场化资源配置的影响及其监管研究”(71473157)
【分类号】：F271;F832.51
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本文编号：2099697