| Innovation is the first driving force of development and the strategic support for building a modern economic system.At present,China’s economy has changed from high-speed growth stage to high-quality development stage,which puts forward new and higher requirements for innovative investment of enterprises.Peer effect is that when equal individuals interact in various social relations,the behavior and results of an individual will be affected by the behavior and results of the peers around them.Based on the policy background of the national delimitation of eight major innovation zones in2015,this paper takes more than 2400 A-share listed companies in 2013-2017 as the research object,adopts the "European distance method",empirically tests the peer effect in the innovation investment behavior of enterprises.The results show that: the innovative investment behavior of listed companies has peer effect;the market competitiveness of enterprises or industry competition level is much weaker,the impact of innovative investment behavior of enterprises in the peer group is much greater;peer effect of innovative investment behavior of high-similarity enterprises is more significant;peer effect of innovative investment behavior of enterprises in innovation area is more significant.On this basis,this paper combines the "boost" theory of behavioral finance,and puts forward policy suggestions. |
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