The Zero-leverage Strategy, Industrial Policy And Corporate Investment Have The Same Group Effect

Under the background of high-quality economic development,supply-side structural reforms have continued to deepen,and the vitality of the real economy has been continuously released.The healthy development of the economy depends not only on the market's ability to regulate itself,but also on the government's macro-control policies.The high-quality development of the economy depends on the high-quality investment of enterprises.Some scholars believe that the financial decisions of enterprises are affected by the decisions of enterprises in the same industry,and the industrial policy as public information helps companies to grasp more real and clear information and promotes the corporate investment peer effect.In the context of leverage adjustment,it is found that there is an increasing number of companies implementing zero-leverage strategies,which has led to thinking: Will the implementation of zero-leverage strategies affect the investment peer effect? If so,what is its mechanism of action? What role does industrial policy play? Therefore,this paper studies the impact of zero-leverage strategy on corporate investment peer effect,and examines the regulatory effect exerted by industrial policies.This article first systematically sorts out the concepts,theories,and literature related to the zero-leverage strategy and corporate investment peer effect.Based on this,the research hypotheses are proposed through theoretical derivation.Second,take the relevant data of Shanghai and Shenzhen A-share listed companies as a sample to conduct an empirical test,analyze the effect of zero-leverage strategy on corporate investment's peer effect and its mechanism,and study the impact of industrial policy on the relationship between the two.Third,the propensity score matching method(PSM)is used to solve the endogenous problem and A series of robustness tests are conducted;finally,the economic consequences of the relationship between the zero-leverage strategy and corporate investment peer effects are explored.The research finds that the zero-leverage strategy will suppress the corporate investment peer effect;the industrial policy will strengthen the zero-leverage strategy to suppress the corporate investment peer effect;exploring its mechanism,it is found that the suppression effect of zero-leverage strategy on corporate peer effect is mainly reflected in enterprises that actively implement a zero-leverage strategy,and industrial policy will strengthen enterprises that passively implement a zero-leverage strategy on investment peer effect;further research found that companies implementing zero-leverage strategies will promote catch-up homogeneous effects,which will affect their investment quality.Finally,this article puts forward some suggestions for the regulators and listed companies based on the above studies.The government should strengthen the support of industrial policies and reasonably encourage the development of enterprises.Enterprises should carefully choose a zero-leverage strategy based on their own characteristics and properly treat the corporate peer effect of investment to promote the steady development of enterprises and the stable growth of the market economy.