【摘要】 投资羊群效应源自于管理者的非理性行为,抑制投资羊群效应可以提升企业投资决策的有效性。以2007—2018年沪、深A股上市公司数据为样本,分别从行业层面和公司层面检验不同维度产品市场竞争与投资羊群效应的关系。研究发现:(1)激烈的行业竞争能够抑制行业层面的投资羊群效应;(2)较低的公司竞争地位能够抑制公司层面的投资羊群效应;(3)较低竞争地位对投资羊群效应的抑制作用主要体现在普遍增资的行业中;(4)激烈的行业竞争会强化较低竞争地位对公司层面投资羊群效应的抑制作用。以上结果表明,行业和公司层面的产品市场竞争都有助于减少上市公司的非理性投资行为。政府职能部门应致力于创建公平公正的市场环境,充分发挥市场对资源配置的作用;上市公司应充分挖掘企业内部私有信息,制定有利于自身长期发展的投资决策。更多还原

【Abstract】 The investment herding effect originates from the manager’s irrational behavior, inhibiting the investment herding effect can enhance the effectiveness of the enterprise’s investment decision. This paper examines relationship between product market competition and investment herding effects under different dimensions from industry level and corporate level based on the data of A-shares listed firms in Shanghai and Shenzhen Stock Exchange between 2007 and 2018. The empirical results show the following.(1) Intensive industry competition restrains the herding effect of investment.(2) The low competitive position of the firm can restrain the herding effect.(3) The inhibition of low competitive position on investment herding effect is mainly reflected in the industry which increase investment in general.(4) Intensive industry competition will strengthen the inhibition of low firm competitive position on investment herding effect. Results prove that product market competition at the industry and company level is helpful to reduce irrational investment behavior of listed companies.Government departments should be committed to creating a fair and just market environment and give full play to the role of the market in resource allocation. Listed companies should fully exploit the private information inside the enterprises and make investment decisions that are conducive to their long-term development.更多还原