Under The Background Of Financial Liberalization An Empirical Study On The Impact Of Peer Effect On Corporate Innovation

In the process of enterprise management,enterprise innovation has gradually become the top priority of enterprise development,our country still concentrated on the study of enterprise innovation in the enterprise internal funds and macro policy,ignoring the important decision makers-management of enterprise innovation.Management is also a natural person,the person’s social features,management behavior attitude is inevitably influenced by others,that is possible that peer effect existing in enterprise innovation.With group effect has the "information" and"interaction" two properties,so it exists inextricably linked between financial liberalization.Therefore,this article from the perspective of "peer effect" with this,in combination with financial liberalization to study enterprise innovation.Based on the 2008-2014 listed companies as research samples,first test to inspect the existence of peer effect of enterprise innovation,the analysis with peer effect in enterprise innovation.Then with peer effect and financial liberalization as interactive items samples,once again prove financial liberalization is to be effective in the peer effect of enterprise innovation.This article embarks from the theoretical basis,combined with the empirical data of listed companies from the CSMAR database.By Albuquerque et al.(2013),and Mark&Roberts(2014)’s thought,to study the effect of peer enterprise with panel data and time series integrated research the relationship between the peer effect and enterprise innovationAt the same time,through the related mechanism analysis and Interactive items processing the financial liberalization&peer effect,once again,the empirical analysis with the relations among them.This paper found that:from the whole sample,our country enterprise innovation exists the peer effect,and it can significantly affect the enterprise innovation;Secondly,dividing samples according to the year,inspecting the peer effect whether influencing the enterprise innovation.we found that innovation is not be affected from the early stages of samples,but is roughly significant trend year by year.Finally,combining with theoretical foundation with peer effect and financial liberalization as interactive items to join the sample inspection,we found that financial liberalization is a catalyst in the peer effect to enterprise innovation,it can significantly enhance the peer effect on enterprise innovation.