| In recent years,the investment of Chinese enterprises has often been concentrated in an industry.The oversupply contradiction in some industries has become increasingly prominent,and the traditional manufacturing industry generally has excess capacity.The Central Economic Work Conference listed “de-capacity” as the first of the five major structural reform tasks in 2016.However,since the 2016 Central Economic Work Conference proposed "three removals,one reduction and one supplement",China's investment in some industries continues to persist.Some scholars have found that this overheating of investment stems from the existence of cluster effects in corporate investment.Manufacturing industry is the lifeblood of China's economic development.In 2015,Premier Li Keqiang explicitly put forward "Made in China 2025" as the first ten-year action plan for China to implement the strategy of manufacturing power.In November 2017,the State Council issued the "Notice on Creating a" Made in China 2025 "National Demonstration Zone",which clearly stated that it is necessary to actively promote the integration of industry and finance,establish an industry and finance information docking platform,innovate financial support methods,and enhance financial support for the development of manufacturing Capacity and efficiency.Nowadays,China's capital market is becoming creasingly perfect,and having more and more corporate financing channels,which has also promoted the continuous expansion of the scale of investment in China's manufacturing industry.Some scholars have found that the investment activities of most companies have not reached the optimal level of investment,and inefficient investment problems caused by the same group of investment decisions will occur during the business process,which will cause the phenomenon of overcapacity in the industry.Caused by mismatched resources.As an important factor influencing corporate investment,there are many researches on the effect of corporate investment decision grouping effect.Does the financing structure explain the phenomenon of convergence of corporate investment decisions? Based on this,this article further explores enterprise investment decisions from the perspective of the group effect of enterprise investment decisions.This article selects China's A-share manufacturing listed companies from 2008 to 2018 as the research object.First,it confirms the existence of investment homogeneity in listed manufacturing enterprises in China.Second,it measures the degree of investment homogeneity.Through descriptive statistics,it is found that manufacturing industries are listed Not all corporate investments have the same cluster effect.Therefore,this article divides according to the standard deviation of the degree of investment in the same group to determine the group of the same group,which is more accurate than the industry-level group.Finally,it is tested by a fixed-effects model to demonstrate how the financing structure can affect corporate investment in the same group.Taking China's A-share manufacturing listed companies from 2008 to 2018 as the research object.First,it confirms the existence of investment homogeneity in listed manufacturing enterprises in China.Second,it measures the degree of investment homogeneity.Through descriptive statistics,it is found that manufacturing industries are listed Not all corporate investments have the same cluster effect.Therefore,this article divides according to the standard deviation of the degree of investment in the same group to determine the group of the same group,which is more accurate than the industry-level group.Finally,it is tested by a fixed-effects model to demonstrate how the financing structure can affect corporate investment in the same group.Through theoretical analysis and empirical research,the main conclusions of this paper are as follows:(1)The method of classifying the same group based on industry classification alone cannot effectively identify the companies that invest in the same group.Not all companies in the industry have the same investment decision Effect,after using the variable of the degree of investment in the same group to identify the companies that invest in the same group,the results show that these companies have a higher degree of investment in the same group.(2)There is a cluster effect in the investment decisions of listed manufacturing companies in China,which is specifically reflected by the positive correlation between the new investment of the year and the average investment of other companies in the manufacturing industry.(3)Endogenous financing will have a positive impact on the follow-up enterprise investment grouping effect,and external source financing will not have a significant effect on the follow-up enterprise investment grouping effect;endogenous financing will have a positive effect on the learning enterprise investment grouping effect In the case of external influence,external financing has a positive effect on the homogeneous effect of the investment of learning enterprises;and under other conditions unchanged,the coefficient of internal financing is larger.(4)Equity financing will have a positive impact on the follow-up enterprise investment grouping effect;debt financing will have a negative effect on the follow-up enterprise investment grouping effect;both equity financing and debt financing will have a learning group investment grouping effect Positive impact.Based on the relevant research conclusions and the actual development of China's manufacturing industry,this article puts forward policy recommendations for the improvement of China's capital market system and the strengthening of internal corporate governance.The main innovations of this article are:(1)In terms of the research object,it is different from the general classification by the secondary industry of the manufacturing industry.This paper draws on the research of Kwangho(2017),Ye Ling,etc.(2012)to construct an index of investment homogeneity.The standard deviation value is used to classify the enterprises in the same group and the non-groups.According to descriptive statistics,it is found that the companies in this group are more representative.This is more accurate than the previous literature when dividing groups into groups based on industry and region.This is one of the innovations of this article.(2)Exploring the impact of financing structure on corporate investment clustering effect,domestic and foreign literature has found that most of the impact of corporate investment clustering effect is concentrated on macro levels such as manager power,industry competition,and corporate age.The impact of micro-level research ignores the importance of financing structure to investment.From the perspective of financing structure,this article studies the impact of financing structure on corporate investment group effect,which is the second innovation point of this article. |
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