“Peer Effect” of Capital Structure Decision-making and Over-indebtedness of State-owned Enterprises: An Analysis based on Empirical Evidence of China′s A-share Listed Companies

Abstract

Abstract: Peer effect of organizational decision-making has drawn much attention, and “deleveraging” urges academic circles to study the cause of over-indebtedness and its solutions. This paper uses the data of China′s A-share listed companies from 2009 to 2014 to test the peer effect of capital structure decision-making of state-owned enterprises with the instrumental variable methods of 2SLS and fixed effects model, and then uses Ivprobit to verify whether the peer effect of capital structure decision-making of state-owned enterprises leads to over-indebtedness by comparison with non-state-owned enterprises.The empirical results show that peer effect exists in the capital structure decision-making of listed companies in China;compared with non-state-owned enterprises, peer effect of state-owned enterprises in capital structure decision-making will make their capital structure more easily deviate upward from the optimal one and then lead them to over-indebtedness. These conclusions help to deepen the understanding of the causes of over-indebtedness of state-owned enterprises and provide a theoretical basis for better achieving the goal of “deleveraging”.

Key words: capital structure, peer effect, over-indebtedness

LI Shi-hui, HU Jiang-feng, HE Shao-li. “Peer Effect” of Capital Structure Decision-making and Over-indebtedness of State-owned Enterprises: An Analysis based on Empirical Evidence of China′s A-share Listed Companies[J]. 商业研究.

References

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