投资决策、同伴效应与企业绩效

In 2012, General Secretary Xi Jinping pointed out the problem of overcapacity for the first time. Destocking has gradually become the first task of supply-side reform in China and how to alleviate overcapacity has also become an urgent problem to be solved. The macro-level overcapacity is inseparable from the micro-level corporate investment decision-making. With the increasingly fierce competition in modern society, managers are likely to follow the investment behaviors of their peer firms to avoid risks under the pressure of competition. This article takes the Chinese listed company as the research objects and studies the peer effect by means of descriptive statistics, univariate analysis and multivariate regression analysis. First of all, this paper verifies the existence of peer effect in investment decision and then divides corporate investment into fixed asset investment and R&D investment to make the same studies. And the impact of peer effect on corporate performance is also studied. The study found that corporate investment peer effect exists, and there is an inverted "U" relationship between peer effect and corporate performance.