省长更替对不同所有制企业投资影响的实证分析  

Empirical Analysis of the Effect of Local Governor Turnover on Different Ownership Firms' Investment

作　　者：李丙金[1,2] 

机构地区：[1]宁波工程学院经济管理学院,浙江宁波315211 [2]西北大学经济管理学院,陕西西安710127

出　　处：《未来与发展》2015年第2期44-52,共9页Future and Development

基　　金：宁波市软科学项目(2013A10034):宁波市省级高新技术企业研发中心创新驱动发展效应评价研究;宁波市自然基金项目(2013A610283):科技创新型中小企业生命周期各阶段金融配套扶持实施工程研究;宁波工程学院文科振兴计划;西北大学博士后基金资助

摘　　要：本文基于1998-2013年上市企业的样本,根据企业的所有制形式将其分为国有企业和民营企业,匹配期间31个省级行政区122位省长的更替数据,实证考察了省长更替对不同所有制企业投资的影响。研究发现:省长更替后,国有企业的投资显著增加,而民营企业的投资显著下降,国有企业投资的增加对民营企业投资存在挤出效应;省长更替后企业的投资效率下降,且民营企业投资效率的下降更为明显,存在一定的资本配置扭曲;省长更替后国有企业投资的增加主要是由正常更替、年龄较低、学历较低和在籍贯所在地上任的新省长造成的。Based on the samples of listed companies from 1998 to 2013, according to the form of the firm ’s ownership it can be divided into state-owned firms and private firms, matching the period 31 provincial-level administrative regions 122 Governor’s turnover data, this paper empirically examines the effect of governorturnover on different ownership firms’ investment. The study found that after the governor turnover, a significant increase in investment in state-owned firms, while the investment of private firms decreased significantly, increased investment in state-owned enterprise has a crowding out effect on the investment of private enterprises. After the governor turnover, a decline in investment efficiency of the firms, and private firms’ investment efficiency reduction is more obvious, there is a distortion of capital allocation. Increasedinvestment in state-owned firms after the governor turnover mainly by normal turnover, lower age, lower education, and new governor took office in the place of origin location caused.

关 键 词：地方官员更替 所有制 企业投资 挤出效应 投资效率 

分 类 号：F270.3[经济管理—企业管理]