张俭,肖清.企业投资趋同行为:“同群效应”抑或“羊群行为”?——基于Meta定量文献分析的视角[J].,2021,22(2):78-85
企业投资趋同行为:“同群效应”抑或“羊群行为”?——基于Meta定量文献分析的视角
Convergence of Corporate Investment :Peer Effects or Herd Behavior?
投稿时间:2020-12-17  
DOI:
中文关键词:  企业投资趋同  羊群行为  同群效应
English Keywords:corporate investment convergence  herd behavior  peer effects (
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作者单位
张俭 南华大学 经济管理与法学学院,湖南 衡阳421001 
肖清 南华大学 经济管理与法学学院,湖南 衡阳421001 
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中文摘要:
      对企业投资趋同行为的趋同对象界定,学术界尚未给出定论。文章运用定量文献研究的Meta分析方法证实了趋同对象不同界定下的企业投资趋同行为确实存在异质性:企业投资羊群行为以绩效靠前的同伴企业作为参照,而投资同群行为则以全部同伴企业为参照对象。此外,样本来源、投资水平衡量指标等因素也对企业投资趋同行为产生了一定影响。这一发现能够从本质上解释企业投资趋同行为为何表现各异,并为之后研究企业投资趋同行为产生的一系列经济后果提供新的思路。
English Summary:
      The academic community has not yet given a final conclusion on the definition of convergence objects in the convergence behavior of corporate’ investment. In this paper, the Meta analysis method of quantitative literature research is used to confirm the heterogeneity of investment convergence behaviors of corporate under different definitions of convergence objects:the investment herd behavior of corporate takes similar enterprises with top performance as the reference, while the investment peer effects takes all similar enterprises as the reference objects. In addition, sample sources, investment level measurement indicators and other factors also have a certain impact on the convergence of corporate investment. This finding can explain the different performance of corporate investment convergence behavior in essence and provide a new way to explode a series of economic consequences of corporate investment convergence behavior.
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