Peer effect of organizational decision-making has drawn much attention,and"deleveraging"urges academic circles to study the cause of over-indebtedness and its solutions.This paper uses the data of China′s A-share listed com-panies from 2009 to 2014 to test the peer effect of capital structure decision-making of state-owned enterprises with the instrumental variable methods of 2SLS and fixed effects model,and then uses Ivprobit to verify whether the peer effect of capital structure decision-making of state-owned enterprises leads to over-indebtedness by comparison with non-state-owned enterprises.The empirical results show that peer effect exists in the capital structure decision-making of listed companies in China; compared with non-state-owned enterprises, peer effect of state-owned enterprises in capital structure decision-making will make their capital structure more easily deviate upward from the optimal one and then lead them to over-indebtedness.These conclusions help to deepen the understanding of the causes of over-indebtedness of state-owned enterprises and provide a theoretical basis for better achieving the goal of"deleveraging".%同伴效应对组织决策的影响倍受关注,"去杠杆"促使学界对过度负债成因及解决措施的研究如火如荼.本文利用我国A股上市公司2009-2014年的数据,采用2SLS和固定效应工具变量模型检验国有企业资本结构决策的同伴效应,通过Ivprobit与非国有企业对比验证国有企业资本结构决策的同伴效应是否会导致过度负债.实证结果表明:我国上市公司企业的资本结构决策存在同伴效应;相比于非国有企业,国有企业的资本结构决策的同伴效应更容易使其向上偏离最优资本结构,从而导致过度负债.这些结论有助于人们加深对国有企业过度负债成因的理解,为更好地实现"去杠杆"的目标提供了理论依据.
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