企业数字资产配置具有同群效应吗?OA北大核心CHSSCDCSSCICSTPCD

At present,the digital asset allocation by enterprises is characterized by high cost,long benefit cycle,and unclear input-output ratio.It is of practical significance to discuss the reason that even if the allocation of digital assets has a high uncertainty,the level of digital asset allocation of enterprises in China is still rising.From the perspective of inter-firm interactions,this paper explores how digital asset allocation decisions of individual firms are influenced by other firms in the group with similar characteristics.It constructs an analyst tracking network using data from listed companies in China from 2010 to 2021.Subsequently,the following research conclusions are obtained through empirical tests. First,in the same analyst tracking network,enterprises'digital asset allocation behaviors are convergent under the dual effects of information effect and governance effect.Categorizing digital assets,this paper reveals a more significant peer effect for three types of digital assets:digital hardware assets,digital software assets,and digital product assets.However,digital human assets do not show a peer effect.Second,the peer effect of digital asset allocation is more significant if the focal firm is followed by star analysts.In addition,the higher the network centrality of the focal firm in the analyst tracking network,the more significant the peer effect of digital asset allocation.Third,the imitation intensity of the peer effect in the analyst tracking network exhibits a U-shaped curve.Specifically,the larger the absolute value of the gap between the focal firm's digital asset allocation and the maximum value of the peer firm's digital asset allocation,the more the focal firm tends to imitate the peer firm's digital asset allocation behavior.Fourth,the heterogeneity test indicates that the peer effect of digital asset allocation is more significant in the focal firms with lower corporate governance.In addition,the peer effect of digital asset allocation is more pronounced in the peer firms with higher disclosure quality.The findings can provide a reference for enterprises to rationally utilize analyst tracking networks to realize their digital asset allocation strategies. The marginal contributions include two aspects.First,this paper enriches and expands the research perspective of the peer effect.It takes the analyst tracking network as the identification condition to determine the peer relationship among firms,and analyzes in detail the peer effect due to the two transmission mechanisms of information effect and governance effect.Second,this paper clarifies the imitation mechanism of the peer effect.It specifies the logic of corporate imitation behavior in analyst tracking networks by exploring the intensity of corporate imitation at different levels of digital asset allocation.