| At present,there is “peer effect” in the corporate investment activities in various fields such as shared bikes,photo voltaic power industry in China.Peer effect of enterprise investment refers to the phenomenon that investment behavior of a individual enterprise follows the investment behavior of other enterprises in the same industry.To test the existence of the peer effect of corporate investment behavior and explore the inherent laws that enterprises investment behavior follows each other,this paper chooses listed companies in manufacturing in China from 2013-2016,which includes6338 samples totally,and builds a mathematical model and conducts empirical research,First,this paper examines the effect of investment behavior of individual enterprises on the investment behavior of enterprises in the same industry to study the existence of the peer effect.Second,this paper groups enterprises based on size to study the law of mutual following investment behavior between smaller enterprises and larger enterprises.Last,the paper studies the law of mutual following between state-owned and non-state-owned enterprises based on groups according to property rights.The results include the following the several aspects: There is peer effect in the investment behavior;smaller companies tend to imitate larger companies;there is no obvious imitation between non-state-owned enterprises and state-owned enterprises.The significance of these research findings for business management lies in that enterprise managers can optimize investment decisions by referring to the investment behavior of similar companies.Larger enterprises in the market have a stronger leading role in investment behaviors and we can focus on the larger enterprise when making the investment decisions,on the other hand,the differences between state-owned enterprises and non-state-owned enterprises in accessing information are relatively large,and investment behavior should be followed with attention to feasibility. |
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