地理溢出效应对中国上市企业投资决策影响的实证研究

利用2003-2018年中国A股上市公司数据,考察了地理溢出效应是否以及如何对企业的投资决策质量和投资决策相似度产生影响。研究发现,地理溢出效应会提高投资决策质量,但这种影响仅在过度投资的企业中有效;地理溢出效应会增加投资决策相似度,并且这种影响对于过度投资和投资不足的企业均能表现出显著的作用。进一步研究表明,在对投资决策质量的影响方面,同地区不同行业溢出效应的作用更强,在对投资决策相似度的影响方面,同地区同行业与同地区不同行业两种溢出效应的作用相近。最后,不同地区特征下地理溢出效应对投资决策的影响存在显著差异,地理溢出效应对企业投资决策的影响主要存在于经济发达地区和制度环境较好地区。

The Impact of Geographic Spillovers on Investment Decisions of Chinese Listed Enterprises:An Empirical Study

Utilizing data from Chinese A-share listed companies from 2003 to 2018,this paper investigates whether and how the geographic spillover effect affects the quality and similarity of investment decisions.It is found that geographic spillovers can improve investment decision quality,but this effect is only effective in the overinvestment,geographic spillovers will increase investment decision similarity,and this effect can have a significant effect on the overinvestment and underinvestment.Further research shows that geographic spillovers from different industries in the same region have a stronger impact on investment decision quality,and that spillovers from the same industry in the same region and different industries in the same region have similar effects on investment decisions similarity.Finally,there are significant differences in the impact of geographic spillovers on investment decisions under different regional characteristics.Geographical spillovers mainly exist in developed regions and the better institutional environment regions.