市场分割、投资攀比与企业投资的本地联动性
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| Title | Market Segmentation, Keeping up with the Jones and Local Comovement of Firm Investment
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| 作者 | 王征 胡聪慧 |
| Author | Wang Zheng and Hu Conghui |
| 作者单位 | 北京大学光华管理学院；对外经济贸易大学国际商学院 |
| Organization | Peking University; University of International Business and Economics |
| 作者Email | wangzheng1026@pku.edu.cn；conghui_hu@163.com |
| 中文关键词 | 市场分割 投资攀比 企业投资 本地联动效应 羊群效应 |
| Key Words | Market Segmentation; Keeping Up with the Jones Effect of Investment; Corporate Investment; Local Comovement; Herding Effect |
| 内容提要 | 企业投资除了存在行业层面的“潮涌”，还可能存在地区层面的联动性。本文利用我国上市公司1998—2014年的数据，研究发现所在省份上市公司的平均投资水平对企业投资支出有重要影响，即企业投资存在本地联动性。进一步地，企业投资的本地联动性在与邻省市场分割程度较大的省份、投资攀比可能性较大的公司中更高。本文结合中国市场的特点揭示了导致企业投资本地联动性的新机制，这一发现在一定程度上表明，企业投资的本地联动性是低效率的。本文的政策意涵是提高国内市场的整合程度和企业投资的自主性有助于提高企业投资效率。 |
| Abstract | Besides “wave phenomena” at the industry level, there can also be local comovement of firm investment. Using data of China’s listed firms from 1998 to 2014, this paper shows that a firm’s capital expenditure is positively related to the average capital expenditure of listed firms in its province. Furthermore, local comovement of firm investment is stronger for provinces where the local market and the markets of neighboring provinces are more segmented, and for firms which are more likely to keep up with the Jones when making investment decisions. This paper shows new mechanisms of local comovement of firm investment in the context of China’s economy. The implication is that local comovement of firm investment is inefficient to some extent, and that a unified national market with less political interference may mean higher investment efficiency. |
| 文章编号 | WP1138 |
| 登载时间 | 2016-12-06 |
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