Peer Effect on the Integration of Industrial-Financial Capital:Empirical Evidence from A-Share Listed Com-panies
To further consolidate the market position,enterprises will expand their business fields,the most prominent performance of which is to expand into the financial field,specifically the inte-gration of industrial-financial capital.The integration of industri-al-financial capital is an economic behavior that takes the financial industry and the real industry as the main body,takes the equity relationship as the link,and combines through equity participation,shareholding,and personnel participation.It is an inevitable prod-uct of the development of the market economy to a certain stage,an important means of enterprise development and expansion,and a concrete manifestation of the integration of industrial-financial capital between the real industry and the financial industry.Most of the existing studies on the motivation of the integration of indus-trial-financial capital assume that the strategies of the integration of industrial-financial-capital among enterprises are mutually inde-pendent.They only consider the impact of the fundamental factors of the enterprise itself or the external macro-environmental factors and ignore the possible mutual influence of other enterprises in the same industry and the same region in the decision-making of the integration of industrial-financial capital.This paper discusses the peer effect of the integration of industrial-financial capital.Based on the unbalanced panel data of listed companies in the stock markets of Shanghai and Shenzhen from 2008 to 2020,this paper focuses on the rationale for the existence,causes and possible economic consequences of the peer effects on the integration of industrial-financial capital.It finds that there exists a significant peer effect for the integration of industrial-financial capital,and the further robustness test using the idiosyncratic return of stocks as an instrument variable still shows valid.As for the leader firms,the peer effect is mainly represented by the rivalry-based theory,while for the follower firms,the"information-based theory"dominates.The economic consequences of the peer effects on the integration of industrial-financial capital mainly include that they can reduce the risks encountered by companies but increase the overall risks at the social level.This paper expands the research boundary of peer effects and the influencing factors of the integration of industrial-fi-nancial capital,so that it can provide important empirical evidence for the government to improve relevant economic policies and for companies to make decisions on the integration of industrial-finan-cial capital.
Integration of Industrial-Financial CapitalPeer Ef-fectsRivalry-based TheoryInformation-based Theory
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