公司财务决策的同群效应是国际上财务学研究领域的新问题。本项目追踪国际理论前沿，融合多学科理论知识，以中国资本市场上的上市公司并购事件为对象，采用数理建模及实证研究方法，系统性研究公司并购决策过程中的同群效应问题。具体研究内容包括：（1）通过理论分析和构建模型，探明公司并购决策同群效应形成的内在机制；（2）实证检验各类公司并购决策是否存在同群效应；（3）实证检验并购决策同群效应形成的各种作用机制；（4）对前述研究发现进行理论提炼，同时理论联系实践，提供相关政策建议。该项目研究意义体现在：（1）可以在较大程度上丰富国际范围内的公司并购研究成果，为理解公司并购决策提供新视角和新证据；（2）可以在较大程度上丰富国际范围内的同群效应研究成果，为未来其他财务决策的同群效应研究提供理论参考；（3）可以为理解我国上市公司并购行为提供新视角和新证据，并为我国企业并购实践提供理论参考。

Peer effect in financial decision is a new issue in corporate finance research around the world. Following the theoretical forefront, this project will integrate theories of multiple disciplines and theoretically and empirically investigate the peer effects in M&A decision of China’s listed companies. Firstly, we will analyze and construct theoretical models to explore the intrinsic mechanisms of peer effects in M&A decision. Secondly, we will empirically test the existence of peer effects in M&A decision. Thirdly, we will empirically test the different mechanisms of peer effects in M&A decision. Finally, we will summarize the research findings, and provide suggestion by integrating theory with practice. This project will help us to understand M&A in a new perspective and enrich the international literature of M&A, and enrich the international literature of peer effects and provide theoretical reference for future research about peer effects in other financial decisions. Meanwhile, this project will provide us with new perspectives and new evidence about M&A behavior of China’s listed companies and provide companies with academic reference about M&A practice.