Influence Mechanism and Effect of State-owned Enterprises' Investment on Private Enterprises——An Imitative Investment Based on Peer Effect

Abstract

Abstract: This paper analyzes the influence mechanism of state-owned enterprises'(SOE) investment on private enterprises' under the background of government intervention. By using the listed manufacturing companies from 2007 to 2015, our empirical study shows that:the investment level of SOEs is higher than that of private enterprises; The investment of private enterprises increases with SOEs', but decreases after it reaches a critically high level; with the increase of market power of SOEs, the investment of private enterprises decreases and shows an accelerated downward trend. For the private enterprises with lower information efficiency and higher asset specificity, the imitative investment level is higher and resource allocation efficiency is lower; private enterprises' investment is significant when SOEs overinvest, but not significant in the case of underinvestment. This paper provides some theoretical explanations on overcapacity and investment cycle fluctuations, and also inspirations for the improvement on market mechanism, investment policy and information feedback.

Key words: investment, peer effect, information efficiency, asset specificity

Liu Jingjian, Li Huizhu, Hao Kangxin. Influence Mechanism and Effect of State-owned Enterprises' Investment on Private Enterprises——An Imitative Investment Based on Peer Effect[J]. Management Review, 2021, 33(3): 41-53.

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