地方官员政绩考核改革如何影响企业投资效率  

How the Reform of Local Officials’Performance Assessment Affects the Efficiency of Enterprise Investment

作　　者：钟优慧 杨志江[1] ZHONG Youhui;YANG Zhijiang(School of Business,Shaoguan University,Shaoguan 512005,Guangdong,China)

机构地区：[1]韶关学院商学院,广东韶关512005

出　　处：《韶关学院学报》2024年第7期50-60,共11页Journal of Shaoguan University

基　　金：广东省哲学社会科学规划项目(GD21CYJ19)。

摘　　要：2013年中组部下发《关于改进地方党政领导班子和领导干部政绩考核工作的通知》,对地方官员经济政绩考核从重视增长速度转向重视增质提效。通过区分过度投资和投资不足两种非效率投资形式,运用双重差分方法从经济政绩考核变化视角实证检验地方官员政绩考核改革对企业投资效率的影响。基于我国上市工业企业数据的实证结果显示:经济政绩考核变化抑制了企业过度投资,并缓解了企业投资不足,从而有助于提高企业投资效率。机制分析表明,政府资源配置效应和市场竞争效应是经济政绩考核变化影响企业投资效率的重要作用渠道。异质性分析发现,在地区层面,经济政绩考核变化对企业投资效率的作用在东部地区、上级官员经济增速政绩诉求较低地区以及主政官员任期3年以上和学历较高地区表现得更为明显;在行业层面,经济政绩考核变化更有助于抑制传统行业和低技术行业过度投资,对投资不足的缓解作用却在新兴行业和高技术行业中表现得更为明显。In 2013,the Organization Department of the CPC Central Committee issued the Notice on Improving the Performance Assessment of Local Party and Government Leading Bodies and Leading Cadres,highlighting the change in the evaluation of local officials'economic performance from attaching importance to growth rate to enhancing quality and improving efficiency.This paper uses the double difference method to empirically test the impact of changes in economic performance assessment on excessive investment and underinvestment of enterprises.Based on the data of listed industrial enterprises in China,it shows that the changes in the economic performance assessment restrain the excessive investment of enterprises,and alleviate the lack of investment of enterprises,thus helping to improve the investment efficiency of enterprises.The mechanism analysis shows that the effect of government resource allocation and market competition are the important channels that the changes of economic performance assessment affect the investment efficiency of enterprises.Heterogeneity analysis found that at the regional level,the economic performance appraisal change on the enterprise investment efficiency in the eastern region,the superior officials economic growth achievement demands lower regions and officials term more than three years and higher regions performance more obvious level,economic performance appraisal changes more help to curb traditional industries and industries with excess capacity,alleviate effect of insufficient investment in emerging industries and industries with excess capacity is more obvious;at the industry level,economic performance assessment changes are more conducive to curbing excessive investment in traditional industries and high tech industry,while the easing effect of underinvestment is more obvious in emerging industries and low tech industry.

关 键 词：政绩考核 地方官员 过度投资 投资不足 

分 类 号：F275[经济管理—企业管理]