传染效应是企业金融化的重要驱动因素。基于连锁董事网络中企业的同群行为，分析企业金融化的传染效应及其经济后果，并利用我国2007—2020年沪深A股上市公司数据进行实证检验，结果发现：连锁董事网络中企业的同群行为导致企业金融化存在明显的传染效应，且这种效应受网络位置、管理者特征、治理环境等因素的影响；进一步研究发现，连锁董事网络中企业金融化决策的同群行为会加剧金融风险在企业间的传染，降低企业风险承担能力，减少企业研发投入，降低投资效率。因此，治理企业金融化问题要注重企业之间基于连锁董事网络的学习模仿，防范“脱实向虚”风险沿着连锁董事网络传染扩散。

The contagion effect is a significant driver of corporate financialization. By utilizing the data from Shanghai and Shenzhen A-share listed companies from 2007 to 2020 to analyze the peer behaviors within interlocking directorate networks, this paper examines the contagion effect of corporate financialization and its economic consequences. The findings reveal that the peer behaviors in interlocking directorate networks lead to a pronounced contagion effect in corporate financialization, influenced by factors such as network position, managerial characteristics, and governance environment. Further research indicates that the peer behaviors concerning financialization decisions within these networks exacerbates the transmission of financial risks among firms, reduces their capacity to bear risk, diminishes investments in research and development, and lowers investment efficiency. Consequently, corporate financialization should attach importance to learning and imitation among firms through interlocking directorate networks, and prevent the risk of a turn from substantive to speculative activities spreading through these networks.