Corporate Zero-Leverage Strategy and Investment Peer Effect
As an enterprise financial"anomaly",zero-leverage strategy may have heterogeneous effects on the investment and financing decisions of an enterprise and the related enterprises in the industry.It is espe-cially worth exploring the impact of zero-leverage strategy on the investment peer effect.Taking the data of A-share non-financial listed enterprises in Shanghai and Shenzhen from 2009 to 2022 as research samples,this paper empirically examines the impact of corporate zero-leverage strategy on investment peer effect.The result shows that zero-leverage strategy inhibits the investment peer effect.Considering the motivation of zero-leverage strategy,it is found that the zero leverage strategy mainly suppresses the investment peer effect due to sufficient equity financing.After the propensity score matching method,Heckman two-stage regres-sion,instrumental variable method and a series of endogenous tests and robustness tests,the research find-ings remain unchanged.The heterogeneity test finds that the inhibitory effect of the zero-leverage strategy on the investment peer effect is more significant in enterprises that are not supported by industrial policies,state-owned enterprises and non-high-tech enterprises.In order to play the role of zero-leverage strategy better,it is recommended that enterprises improve the path of equity financing to reduce the possibility of capital chain breaks.Meanwhile,the state should strengthen the support of industrial policy and actively guide the"de-peering"of enterprise investment.
zero-leverage strategyenterprise investmentpeer effectindustrial policythe nature of property right
万方数据
维普
