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论文编号：	13093
作者编号：	2120202881
上传时间：	2022/6/6 16:23:51
中文题目：	企业集团子公司投资的同群效应研究
英文题目：	Research on the Peer Effect in investment Among the Subsidiaries Within the Business Group
指导老师：	牛建波
中文关键字：	企业集团；投资；同群效应；高管声誉维护；经济政策不确定性
英文关键字：	business group; investment; peer effect; executive reputation maintenance; economic policy uncertainty
中文摘要：	企业集团是企业组织的高级发展形态，自其产生就成为一种流行的组织形式，特别是在新兴的市场经济国家中更加受到青睐。随着我国的经济体制改革，近年来，企业集团已经成为我国企业发展的主要组织形式。在我国企业集团蓬勃发展的过程中，投资活动是非常重要的一环，深入挖掘影响企业集团投资的因素对于企业集团未来长远发展具有重要意义。 由于公司行为决策面临的外部信息不对称问题比较严重，越来越多的学者在研究公司投资决策时关注公司之间的模仿学习。但是现有研究的关注点大多在行业层面或地区层面，鲜有学者关注企业集团内成员企业在投资行为上的相互影响，且现有研究在企业集团子公司投资同群效应的影响机制和经济后果方面的探究不足。 本文以2011年-2020年我国A股市场构成集团的公司为研究对象，采用固定效应的面板数据模型进行实证分析，探究企业集团的“群体性特征”对于集团子公司投资的影响，研究表明：（1）投资行为的同群行为同样存在于企业集团内部，集团焦点公司的投资行为会受到集团内其他公司的影响；（2）企业集团子公司高管团队的学历水平越低，高管团队中女性高管越多，投资同群效应越强。（3）经济政策不确定性程度越高，集团子公司投资同群效应越强。（4）当集团上市公司为国有企业时，企业集团子公司投资同群效应更强。（5）集团子公司投资同群效应对企业绩效存在负向影响，且存在显著的滞后效应，长期来看，企业集团子公司的同群效应并不利于企业绩效的提高。 本文揭示了集团内部子公司投资行为的同群效应及其作用机理与经济后果，主要创新之处如下：第一，基于企业集团的视角，关注成员公司投资行为的相互影响，将同群效应拓展到集团公司投资行为的研究范畴中，为公司治理领域同群效应的研究提供了一个新的视角；第二，揭示了高管学历、性别、经济政策不确定性和产权性质对集团投资行为同群效应的影响机制。第三，探究了集团子公司投资同群效应的经济后果，厘清了集团子公司投资同群效应对企业绩效的影响。
英文摘要：	Business group is an advanced development form of enterprise organization, which has become a popular organizational form since its emergence, and is especially favored in the emerging market economy countries. With the reform of China's economic system, enterprise groups have become the main organizational form of company development in China in recent years. In the process of development and growth of enterprise groups in China, investment activities play an increasingly important role, and it is important to dig deeper into the factors affecting the investment of enterprise groups for their future long-term development. Due to the relatively serious problem of external information asymmetry faced by the behavioral decision of companies, more and more scholars focus on imitative learning among companies when studying their investment decisions. However, most of the existing studies focus on the industry level or regional level, few scholars focus on the mutual influence of member firms in the investment behavior of enterprise groups, and the existing studies are insufficient in exploring the influence mechanism and economic consequences of the peer effect of investment in enterprise group subsidiaries. We adopt a panel data model with fixed effects to empirically analyze the influence of "group characteristics" of enterprise groups on the investment of group subsidiaries, taking the group companies in China's A-share market from 2011 to 2020 as the research object. The study shows that: (1) the peer behavior of investment behavior also exists within the enterprise group, and the investment behavior of the group's focal company is influenced by other companies in the group; (2) the lower the educational level of the senior management team in the subsidiary of the enterprise group, the more female executives in the senior management team, the stronger the investment peer effect; (3) the lower the degree of economic policy uncertainty, the stronger the investment peer effect of group subsidiaries; (4) compared with non-state-controlled enterprise groups, the investment peer effect of subsidiaries of state-owned holding enterprise groups is stronger; (5) the peer effect of investment in group subsidiaries has a negative impact on enterprise performance, and there is a significant lag effect, and in the long run, the peer effect of enterprise group subsidiaries is not conducive to the improvement of enterprise performance. We reveal the peer effect of investment behavior of group subsidiaries and its mechanism of action and economic consequences, and the main innovations are as follows: first, based on the perspective of enterprise group, it focuses on the mutual influence of investment behavior of member companies, and extends the herding effect to the research scope of investment behavior of group companies, which provides a new perspective for the research of herding effect in the field of corporate governance; second, it reveals the influence mechanism of the peer effect in investment and uncovers new factors that affect the peer effect in investment. Third, the economic consequence of the group-subsidiary investment peer effect is explored.
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