融资冲动、资本配置效率与地方官员更迭频度  

Financing Impulse,Capital Allocation Efficiency and the Change of Local Officials

作　　者：程哲[1] 白云霞[1] 

机构地区：[1]同济大学经济与管理学院,上海200092

出　　处：《改革》2015年第8期113-124,共12页Reform

摘　　要：相对于官员变更前两年来讲,官员变更的后两年公司获得的银行贷款显著增加。公司获得贷款的增加更多表现为短期贷款,而长期贷款并无显著变化。相比于市场化程度高的地区,官员变更在市场化程度低的地区影响更大。相比于非国有企业,官员变更对国有企业的影响更大。进一步检验发现,工作环境变化使官员更有动机通过立即见效的手段提升地方经济表现,因此此类地区的公司短期贷款变化更加显著。这说明,我国的地方官员变更对于市场资源的配置,尤其是资本资源的配置有较大的影响。这其中,可能造成资源在一定程度上的浪费。只有将更替频率控制在合理范围内,才能使地方经济处于稳定的周期循环之中。因此,为更好地利用有限的资源实现经济更好更快的发展,应完善制度环境,让市场去优化资源的配置。In comparison with two years before turnover of officials, corporations obtained significantly more bank loans in the two years after turnover of officials. The increased loans obtained by corporations were mainly manifested in short-term loans, while long-term loans did not change significantly. In comparison with areas realizing high degree of marketization, the turnover of officials exerted greater influences to areas with low degree of marketization. In comparison with non-state-owned enterprises, the turnover of officials exerted greater influences to state-owned enterprises. It is found through further test that changes of working environment further motivated officials to increase local economic performance by manners which could be immediately effective, so that short- term loans changed more significantly in corporations of this type of areas. This result indicates that turnover of local officials in our country can exert great influences to configuration of market resources especially the configuration of capital resources. Therein, certain waste of resources may be caused. Only by controlling the turnover frequency within a rational scope, the local economy can be kept in a steady periodical cycle. Therefore, in order to make better use of limited resources to realize better and quicker development of economy, it is necessary to perfect the institutional environment and make the market optimized configuration of resources.

关 键 词：地方官员变动 资本市场监管 上市公司行为 

分 类 号：F832.5[经济管理—金融学]