企业风险承担决策中的同群效应

以中国A股非金融类上市公司2000-2016年的数据为研究对象,使用同群企业特质股票收益率作为工具变量,并用两阶段最小二乘法(2SLS)实证检验了企业风险承担决策中的同群效应。结果表明:企业风险承担决策存在明显的同群效应,同群公司风险承担水平会显著正向影响企业自身的风险承担水平,并且该影响力度比企业自身特征因素的影响力度要大;信息机制和管理者声誉机制是形成企业风险承担同群效应的两种主要机制;企业风险承担同群效应影响路径具有单向性,主要表现为同群中"优秀"公司对"差"公司的影响,反之则不成立;企业风险承担同群效应存在行业差异性,在成长性较好、不确定性程度较高的行业中企业风险承担同群效应更加显著。这些研究结果可为政府防范和化解企业金融风险提供有益思路。

Peer Effect in Corporate Risk-Taking Decisions

Using the data of A-share non-financial listed companies from 2000 to 2016 and two-stage least square method(2 SLS), this paper empirically tests the peer effect in the corporate risk-taking decisions, which taking peer firm idiosyncratic stock return as the instrumental variable. The results show that the peer effect exists in the decision-making of corporate risk-taking. The peer firms’ risk-taking level will significantly and positively affect corporate risk-taking level, and the degree of influence is greater than the characteristic factors of the enterprise itself. Information mechanism and manager reputation mechanism are two main mechanisms which form the peer effect of corporate risk-taking. The influence path of peer effect in corporate risk-taking is unidirectional, which is mainly manifested as the excellent companies on poor companies in the same group, but not vice versa. The peer effect of corporate risk-taking varies in different industries, and it’s more significant in industries with better growth and higher degree of uncertainty. The conclusions of this paper will provide useful ideas for the government to prevent and defuse the financial risks of enterprises.