企业金融化的同伴效应对资源配置效率的影响研究

Research on the Peer Effect of Financialization of Firms on the Efficiency of Resource Allocation

摘要: 近年来，我国实体经济“脱实向虚”问题严重，企业金融化趋势日益增强，许多实体企业通过模仿同伴企业的金融投资行为以更低的成本和更短的时间获得相对优越的决策，从而形成并加剧了企业间金融化的同伴效应，对资源配置效率产生影响。本文基于社会学习机制，分析企业金融化同伴效应的影响机制，探讨资本结构调整的传导路径，并考察同伴信息质量对二者关系的调节作用。基于2013~2022年沪深A股1821家上市公司数据，研究发现：(1) 企业金融化同伴效应显著提升资源配置效率；(2) 资本结构调整是企业金融化同伴效应影响资源配置效率的关键路径；(3) 高同伴信息质量能增强企业金融化同伴效应对资源配置效率的促进作用。

Abstract: In recent years, China’s real economy has faced a severe “shift from real to virtual” problem, with a growing trend of corporate financialization. Many real-sector companies have adopted peer firms’ financial investment behaviors to achieve relatively superior decisions at lower costs and within shorter timeframes, thus forming and intensifying peer effects of corporate financialization, impacting resource allocation efficiency. Based on the social learning mechanism, this paper analyses the impact mechanism of corporate financialization peer effects, explores the transmission pathway of capital structure adjustments, and examines the moderating role of peer information quality in this relationship. Using data from 1821 listed companies on the Shanghai and Shenzhen A-shares from 2013 to 2022, the study finds that: (1) Corporate financialization peer effects significantly enhance resource allocation efficiency; (2) Capital structure adjustment is a key pathway through which corporate financialization peer effects impact resource allocation efficiency; and (3) High peer information quality strengthens the positive impact of corporate financialization peer effects on resource allocation efficiency.