经济与管理2026，Vol.40Issue(3)：68-76,9.
同群企业风险传染对货币政策风险承担渠道的影响研究
The Influence of Risk Contagion of the Same Group Enterprises on the Risk-Taking Channels of Monetary Policy
摘要
Abstract
The risk-taking channel of monetary policy emphasizes the"main shock"effect of risk transmission,often overlooking the"aftershock"effect induced by peer firm linkages.Drawing on data from Shanghai and Shenzhen A-share listed companies spanning 2008 to 2025,this paper constructs a transmission framework linking"monetary policy,risk-taking,and peer risk contagion."We explicitly account for structural breaks in policy instruments and corporate behavior:the period from 2008 to 2019 is treated as the normal regime to identify core mechanisms,2020 is isolated as a shock window,and the period from 2021 to 2025 is subjected to segmented estimation and coefficient difference tests in robustness checks.Our results indicate that during the normal regime,peer risk contagion significantly amplifies the risk-taking channel.Post-pandemic,while the direction of this amplification remains consistent,its intensity changes significantly,suggesting a phase-specific reconstruction of the transmission mechanism.Mechanism analysis reveals that peer effects operate primarily through CEO reputation maintenance and executive overconfidence.Heterogeneity analysis further shows that these effects are more pronounced during economic downturns,in industries with fierce competition,and among firms facing high financing constraints.关键词
货币政策/风险承担渠道/同群效应/行业竞争/融资约束Key words
monetary policy/risk-taking channels/peer effect/industry competition/financing constraints分类
管理科学引用本文复制引用
林朝颖,王政杰..同群企业风险传染对货币政策风险承担渠道的影响研究[J].经济与管理,2026,40(3):68-76,9.基金项目
国家社会科学基金重点项目(24AGL012) （24AGL012）
