Abstract:
This paper studies region-based peer effects of China's listed firms' excess leverage, the mechanism and influence factors, and their potential economic consequences. Empirical results show that the excess leverage of China's listed companies is different in different regions from 2009 to 2016. After ruling out possible explanations involving firm and region specifications as well as sorting effects, we document the region-based peer effects of excess leverage of China's listed firms. Whether a firm has an excess leverage or not correlates positively with the proportion of excess leveraged firms in its located region, and a firm's excess leverage correlates positively with the excess leverage index of its located region. The mechanism of region-based peer effects of excess leverage is the imitating behaviors of non-leader firms, less-constrained firms and firms with lower degree centrality. Region marketization, financial development, and executives' financial background have significant impacts on the region-based peer effects of excess leverage. The impacts of region-based peer effects of excess leverage on firms include considerably higher excess leverage, weaker debt paying ability, higher excess investment and lower profitability.
[1]纪敏、严宝玉和李宏瑾,2017,《杠杆率结构、水平和金融稳定——理论分析框架和中国经验》,《金融研究》第2期,第11~25页。 [2]姜付秀和黄继承,2011,《市场化进程与资本结构动态调整》,《管理世界》第3期,第124~134页。 [3]金鹏辉、王营和张立光,2017,《稳增长条件下的金融摩擦与杠杆治理》,《金融研究》第4期,第78~94页。 [4]李增福、顾研和连玉君,2012,《税率变动、破产成本与资本结构非对称调整》,《金融研究》第5期,第136~150页。 [5]陆蓉和尹义华,2017,《我国上市公司资本结构“同群效应”研究》,《经济管理》第1期,第181~194页。 [6]陆正飞、韩霞和常琦,2006,《公司长期负债与投资行为关系研究——基于中国上市公司的实证分析》,《管理世界》第1期,第120~128页。 [7]陆正飞、何捷和窦欢,2015,《谁更过度负债:国有还是非国有企业?》,《经济研究》第12期,第54~67页。 [8]罗党论和唐清泉,2009,《中国民营上市公司制度环境与绩效问题研究》,《经济研究》第2期,第106~118页。 [9]彭方平、欧阳志刚、展凯和刘良,2017,《我国落入债务陷阱了吗?——理论模型与经验证据》,《金融研究》第2期,第70~83页。 [10]石桂峰,2015,《地方政府干预与企业投资的同伴效应》,《财经研究》第12期,第84~94页。 [11]王小鲁、樊纲和余静文,2017,《中国分省份市场化指数报告(2016)》,社会科学文献出版社2017年1月第1版。 [12]吴联生和岳衡,2006,《税率调整和资本结构变动——基于我国取消“先征后返”所得税优惠政策的研究》,《管理世界》第11期,第111~118+127页。 [13]杨筝、刘放和李茫茫,2017,《利率市场化、非效率投资与资本配置——基于中国人民银行取消贷款利率上下限的自然实验》,《金融研究》第5期,第81~96页。 [14]钟宁桦、刘志阔、何嘉鑫和苏楚林,2016,《我国企业债务的结构性问题》,《经济研究》第7期,第102~117页。 [15]钟田丽和张天宇,2017,《我国企业资本结构决策行为的“同伴效应“——来自深沪两市A股上市公司面板数据的实证检验》,《南开管理评论》第02期,第58~70页。 [16]祝继高、韩非池和陆正飞,2015,《产业政策、银行关联与企业债务融资——基于A股上市公司的实证研究》,《金融研究》第03期,第176~191页。 [17]Banerjee, A., 1992. “A Simple Model of Herd Behavior”, The Quarterly Journal of Economics, 107: 797~817. [18]Billett, M., J. A. Garfinkel, and Y. Jiang, 2016, “Capital Supply, Financial Intermediaries, and Corporate Peer Effects”, Working paper, Kelley School of Business. [19]Bizjak, J. M., M. L. Lemmon, and L. Naveen, 2008, “Has the Use of Peer Groups Contributed to Higher Levels of Executive Compensation?”, Journal of Financial Economics 90: 152~168. [20]Bramoullé, Y., H. Djebbari, and B. Fortin, 2009, “Identification of Peer Effects through Social Networks”, Journal of Econometrics 150: 41~55. [21]Caskey, J., J. Hughes, and J. Liu, 2012, “Leverage, Excess Leverage, and Future Returns”, Review of Accounting Studies 17: 443~471. [22]Chang, C., X. Chen, and G. Liao, 2014, “What are the Reliably Important Determinants of Capital Structure in China?”, Pacific-Basin Finance Journal 30: 87~113. [23]DeWenter, Kathryn, L., and Paul H. Malatesta, 2001, “State-owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity”, American Economic Review 91: 320~334. [24]Firth, M., C. Lin, P. Liu, and S. M. L. Wong, 2009, “Inside the Black Box: Bank Credit Allocation in China's Private Sector”, Journal of Banking and Finance 33: 1144~1155. [25]Foucault, T., and L. Fresard, 2014, “Learning from Peers' Stock Prices and Corporate Investment”, Journal of Financial Economics 111: 554~577. [26]Graham, J. R., and C. R. Harvey. 2001. “The Theory and Practice of Corporate Finance: Evidence from the Field”, Journal of Financial Economics, 60: 187~243. [27]Hoberg, G. and G. Phillips, 2016, “Text-based Network Industries and Endogenous Product Differentiation”, Journal of Political Economy 124: 1423~1465. [28]Kaustia, M., and V. Rantala, 2015, “Social Learning and Corporate Peer Effects”, Journal of Financial Economics 117: 653~669. [29]Korajczyka, R. A., and A. Levy, 2003, “Capital Structure Choice: Macroeconomic Conditions and Financial Constraints”, Journal of Financial Economics 68: 75~109. [30]Lahno, A. M. and M. Serra-Garcia, 2015, “Peer Effects in Risk Taking: Envy or Conformity?”, Journal of Risk and Uncertainty 50: 73~95. [31]Leary, M. T., and M. R. Roberts, 2014. “Do Peer Firms Affect Corporate Financial Policy?”. Journal of Finance 69: 139~178. [32]Lerner, J., 2006, “The New New Financial Thing: The Origins of Financial Innovations”, Journal of Financial Economics 79: 223~255. [33]Li, K., H. Yue, and L. Zhao, 2009, “Ownership, Institution, and Capital Structure”, Journal of Comparative Economics 37: 471~490. [34]MacKay, P., and G. M. Philips, 2005, “How does Industry Affect firm Financial Structure?”, The Review of Financial Studies 18: 1433~1466. [35]Richardson, S., 2006, “Over-investment of Free Cash Flow”, Review of Accounting Studies 11: 159~189. [36]Scharfstein, D. S., and J. C. Stein, 1990, “Herd Behavior and Investment”, American Economic Review 80: 465~479. [37]Shropshire, C., 2010. “The Role of the Interlocking Director and Board Receptivity in the Diffusion of Practices”, Academy of Management Review, 35: 246~264. [38]Stigler, G., 1968, “Price and Non-price Competition”, Journal of Political Economy 76: 149-154.