同行业公司的价值对公司投资行为的影响
The Effect of Peers’ Valuation on Corporation’s Own Investment

本公司的价值对公司投资水平的影响，是公司金融领域的重要研究对象，国内外的相关研究也已经比较成熟，然而同行业其他公司的作用一直没有得到足够的重视。近年来，学术界围绕同行业公司行为之间的联系展开了最新研究，同行业其他公司的市场价值对公司投资行为的影响也逐渐受到关注。本文研究中国市场中，同行业其他公司的市场价值对公司投资行为的影响及其机制。首先，在既有文献的基础上，本文构建了同行业其他公司的价值作用于公司投资行为的理论假说，随后利用2009年至2023年我国A股上市公司的数据进行了实证检验。实证研究结果表示，同行业其他公司的价值对公司投资水平有显著的正向影响，其影响程度随着股价信息量、管理者信息、产品相似度、代理成本的变化而变化。本文还站在公司管理者与政府的角度，针对中国市场同行业公司发展提出了相关实践意义。
The effect of corporate’s valuation on its own investment is an important topic of corporate finance. The study is fairly mature domestically and internationally. However, the effect of peers’ valuation has not been given enough attention. In recent years, scholars start to study the relationship between peers’ behavior. Thus the effect of peers’ valuation on corporate’s own investment is paid more attention gradually. This paper studies the effect of peers’ valuation on corporation’s own investment in Chinese market and its mechanism. Based on the literature, we firstly propose a novel hypothesis that peers’ valuation will influence corporate investment. This paper then takes the data of China A-share listed companies from 2009 to 2023 to conduct an empirical test. The research shows that peers’ valuation matters for firm’s investment significantly. This influence varies with stock price information, managerial information, correlated demand for products and agency cost. This paper also provides practical implications for the development of peer-to-peer firms in Chinese market from the perspectives of firm managers and governments.