本文選題：同群效應(yīng) + 資本結(jié)構(gòu)�。� 參考：《經(jīng)濟(jì)管理》2017年01期

【摘要】："同群效應(yīng)"指個(gè)體的決策會(huì)受到同類人群的影響。近年來,我國上市公司負(fù)債率不斷攀升和債務(wù)違約給實(shí)體經(jīng)濟(jì)帶來了巨大風(fēng)險(xiǎn)。本文從我國上市公司資本結(jié)構(gòu)的"同群效應(yīng)"角度,為該類風(fēng)險(xiǎn)提供一種解釋。研究發(fā)現(xiàn):(1)我國上市公司的資本結(jié)構(gòu)會(huì)顯著受到同行公司資本結(jié)構(gòu)的影響,即存在"同群效應(yīng)"。本公司負(fù)債率增加對同行業(yè)其他公司具有正"溢出效應(yīng)"。(2)"同群效應(yīng)"影響機(jī)制之一是"管理者聲譽(yù)考慮",管理者對自身聲譽(yù)越重視,公司資本結(jié)構(gòu)受同行公司影響越明顯。(3)"同群效應(yīng)"影響機(jī)制之二是"管理者信息學(xué)習(xí)",行業(yè)內(nèi)跟隨者會(huì)受到行業(yè)領(lǐng)導(dǎo)者公司資本結(jié)構(gòu)的顯著影響,且競爭程度高、不確定性強(qiáng)和增長速度快的行業(yè)的資本結(jié)構(gòu)"同群效應(yīng)"更為明顯。上述機(jī)制導(dǎo)致行業(yè)內(nèi)公司競相增加負(fù)債水平,使行業(yè)內(nèi)公司債務(wù)存在系統(tǒng)性違約隱患。本文拓展了資本結(jié)構(gòu)理論研究,具有重要的監(jiān)管啟示。
[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.
【作者單位】： 上海財(cái)經(jīng)大學(xué)金融學(xué)院;
【基金】：國家自然科學(xué)基金項(xiàng)目“基于投資者非理性的財(cái)富掠奪及其監(jiān)管研究”(71272009);國家自然科學(xué)基金項(xiàng)目“行為信號對市場化資源配置的影響及其監(jiān)管研究”(71473157)
【分類號】：F271;F832.51
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本文編號：2099697