摘要
文章以系族控股上市公司为研究样本,考察企业集团内部成员企业在投资效率上的同群效应。研究发现,企业集团内部存在投资效率同群效应,这一效应既包括成员企业投资效率恶化的负面影响对其他成员企业的传染效应,也包括投资效率改善的积极传递效应;将低效投资行为区分为过度投资和投资不足后发现,过度投资行为的加剧在集团内部成员间的传染更为明显。进一步研究发现,内部资本市场行为是上述同群效应形成的机制之一,而集团内部执行董事交叉任职形成的董事网络会强化集团内部投资效率的同群效应。
Using the affiliated listed firms as research samples,we investigate the peer effect on investment efficiency among members of the affiliated group.We find that the peer effect of investment efficiency does exist among the group firms.This effect includes not only the contagion under the situation of investment efficiency deterioration,but also the positive transmission when the investment efficiency of member firms improves,in particular,the infectivity of over-investment is more significant than that of under-investment.Further we find that the behavior of internal capital market is one of the mechanisms for the formation of investment peer effect,and the network of cross executive directors strengthens the peer effect of investment efficiency among member firms.
作者
夏子航
谢伟
Zihang Xia;Wei Xie(School of Management,Sun Yat-Sen University,Guangzhou Guangdong 510275,China;Zhuhai Financial Investment Holding Group Co.,Ltd.,Zhuhai Guangdong 519000,China)
出处
《会计与经济研究》
CSSCI
北大核心
2020年第1期52-73,共22页
Accounting and Economics Research
基金
国家自然科学基金面上项目(71672198)
广东省哲学社会科学“十三五”规划项目(GD18XGL62)
广东省科技计划项目(2019A101002017).
关键词
企业集团
投资效率
同群效应
交叉董事
group firm
investment efficiency
peer effect
cross director
作者简介
通讯作者:夏子航,博士,中山大学-珠海金控博士后创新基地博士后,xiazihang@sysu.edu.cn;谢伟,珠海金融投资控股集团有限公司总经理,xiewei@zhfi.cn。
