Abstract：Based on panel data of A share listed firms in Shanghai and Shenzhen from 2007 to 2021, this study investigates the industry peer effect of leverage manipulation among Chinese listed companies, along with its underlying mechanisms, influencing factors, and economic consequences. The results indicate a significant industry peer effect of corporate leverage manipulation. Mechanism analysis reveals that this effect is primarily driven by industry competition, information environment, and corporate financing. Heterogeneity analysis further shows that, at the firm level, the peer effect of leverage manipulation is mainly influenced by ownership structure, capital structure, and information opacity. Externally, the level of financial development, institutional investor monitoring, and regulatory environment constitute key factors affecting the peer effect of leverage manipulation. Finally, the analysis of economic consequences suggests that the peer effect of leverage manipulation exacerbates corporate over leverage, impairs financial stability, and reduces operating performance.
陈红，林爽，石政，王少煌. 上市企业杠杆操纵的同群效应研究[J]. 管理学报, 2025, 22(9): 1774-.
CHEN Hong，LIN Shuang，SHI Zheng，WANG Shaohuang. Research on the Peer Effect of Listed Companies’ Leverage Manipulation. Chinese Journal of Management, 2025, 22(9): 1774-.
