管理者从政经历是否会导致国企非效率投资?  

Will Managers’Political Experience Lead to Inefficient Investment in State-owned Enterprises?

作　　者：邢华[1] 奚浩彬 王海军 Xing Hua;Xi Haobin;Wang Haijun(School of Government,Central University of Finance and Economics,Beijing 100081,China;China Center for Internet Economy Research,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]中央财经大学政府管理学院,北京100081 [2]中央财经大学中国互联网经济研究院,北京100081

出　　处：《上海财经大学学报（哲学社会科学版）》2020年第5期33-48,共16页Journal of Shanghai University of Finance and Economics

摘　　要：非效率投资问题普遍存在于国企,是阻碍当前中国经济转型的重要因素之一,探究其成因是当前深化新一轮国企改革大背景下的重要课题。文章以国企管理者的从政经历为研究视角,选择国有控股上市公司2008-2018年的面板数据作为研究样本,探索管理者从政经历与国企非效率投资的内在联系及影响机制。研究发现,管理者的从政经历可能会对管理者的信念与情绪、认知与能力、自利动机等方面造成持续影响,促使国企投资偏好出现差异,进而导致国企非效率投资。管理者从政经历的时间越长,其对国企非效率投资的影响效应就越显著。文章揭示了管理者从政经历影响国企投资决策的作用路径,为积极稳妥深化国企混合所有制改革、健全国企管理者的选聘、监督、激励制度提供一定的借鉴和参考。This paper takes the political experience of managers in state-owned enterprises as the research object,and selects the panel data of state-owned holding listed companies from 2008 to 2018 as the research sample to explore the internal connection and influence mechanism between managers’political experience and inefficient investment in state-owned enterprises.The study finds that managers’political experience may have a lasting impact on managers’beliefs and emotions,cognition and ability,and self-interest motivation etc.,and promote the differences in investment preferences of state-owned enterprises,thus affecting the inefficient investment of state-owned enterprises.This paper draws the following conclusions:(1)Having the working experience of local governments and working experience of public security and law departments will have a lasting impact on the beliefs and emotions of state-owned enterprises’managers,leading them to perform worse than their peers in making investment decisions and to be more likely to make inefficient investment decisions,thus exacerbating the degree of inefficient investment of state-owned enterprises.Among them,compared with their peers,state-owned enterprise managers with local government work experience are more likely to make nonefficient investment decisions beyond a reasonable level.Compared with their peers,state-owned enterprise managers with working experience in public security and law departments are more likely to make inefficient investment decisions below a reasonable level.The longer the above managers have been in government,the greater the degree of inefficient investment of stateowned enterprises.(2)The working experience of government financial departments and government regulatory departments will have a lasting impact on the cognition and ability of state-owned enterprises’managers,leading them to perform better than their peers in making investment decisions and to be better at making investment decisions closer to a reasonable level,thus restrainin

关 键 词：国企管理者 从政经历 非效率投资 自利动机 

分 类 号：F272.3[经济管理—企业管理] F271[经济管理—国民经济]