Abstract: Based on the perspective of industrial collaborative governance, SMIC is taken as the research object to discuss the peer effect of corporate financial behavior and the spillover effect of corporate decisions in the portfolio constructed by institutional investors. The main conclusions include: (1) institutional investors can exert industrial collaborative governance effect on listed companies belonging to chip industrial chain in their investment portfolio through cross-ownership; (2) the R&D policies of the core company and peer companies in the portfolio show the characteristics of the peer effect; (3) the decisions of the core company have a spillover effect, leading to synchronous changes in the stock prices of the core company and peer companies. The conclusions emphasize industrial collaborative governance effect of institutional cross-ownership at the industrial level, which can provide reference for decision-making of listed companies, managers and regulators.

Key words: institutional cross-ownership, industrial collaborative governance, SMIC