上海管理科学2017，Vol.39Issue(6)：19-24,6.
地区同伴效应与银行借款融资——基于我国A股上市公司的实证分析
Local Peer Effect and Bank Loan Financing an Empirical Analysis Based on China's A Share Market
摘要
Abstract
This paper studies whether there is any local peer effect between the bank loan financing of Chinese listed companies from the perspective of behavioral finance theory.Further,this study analyzes the internal and external factors which may have an influence on the peer effect,such as firm size,agency cost,the degree of marketization and monetary easing policy.The result shows that the new bank debts of a company are significantly affected by the average new bank debts of companies from different sectors in the same province.Local peer effects are more pronounced in smaller firms as well as companies with more serious agency problems.The local peer effects also are more significant in provinces where the degree of financial marketization is low and in the period during which the monetary policy is easing.This study provides empirical evidence for the local peer effect on firm's decision of bank loan financing.关键词
银行借款/同伴效应/代理成本/金融市场化/货币政策Key words
bank loan/peer effect/agency cost/the degree of marketization/monetary policy分类
管理科学引用本文复制引用
段思齐,石桂峰,米高倩..地区同伴效应与银行借款融资——基于我国A股上市公司的实证分析[J].上海管理科学,2017,39(6):19-24,6.基金项目
国家自然科学基金“上市公司业绩预告及修正行为研究”(71002036) （71002036）
上海市浦江人才计划项目(13PJC078). （13PJC078）
