【摘要】 本文以我国A股上市公司为样本,研究了地区同伴效应对企业银行借款融资决策的影响,并在此基础上探索了公司规模、代理问题、市场化进程、货币政策等内外部因素对这一影响的调节作用。结果显示,同地区不同行业公司的平均新增银行借款显著正向影响所在地公司当年新增银行借款,并且在规模小以及代理问题严重的公司中,这种影响尤为显著。而金融市场化程度的提高以及货币政策的收紧,则会降低地区同伴对本企业的影响,这为从制度层面以及宏观环境角度理解企业银行借款行为提供了新的视角。更多还原

【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.更多还原