晋升压力、资本市场效率与产能过剩

Promotion Pressure, Capital Market Efficiency and Overcapacity

中文关键词:  晋升压力  信贷资源配置  产能过剩  资本市场效率  政治透明度  晋升锦标赛

英文关键词:promotion pressure  credit resource allocation  overcapacity  capital market efficiency  political transparency  promotion tournament

中文摘要:

      文章利用2012年世界银行中国企业调查数据考察了地方官员晋升压力对产能过剩的影响,研究结果表明:产能过剩是以GDP为核心的晋升锦标赛的一系列扭曲性后果之一,地方官员会迫于晋升压力支持企业扩大产能,导致产能利用率降低,进而产生产能过剩等问题；此外,资本市场信贷资源配置是地方官员晋升压力影响企业产能过剩的中介变量,即地方官员迫于晋升压力对信贷资源配置的不当干预降低了信贷资源配置效率,并最终导致企业产能过剩。进一步研究发现,转变传统的以经济绩效为主的官员晋升考核方式,增加环境保护等社会发展目标的比重,能够降低地方官员晋升压力对产能过剩的影响；而政府透明度的提升,有助于监督和制约地方政府的不当经济干预行为,抑制地方官员晋升压力对产能过剩的影响。

英文摘要:

      Using the 2012 World Bank China enterprise survey data, this paper examined the impact of local officials' promotion pressures on overcapacity. The paper shows that overcapacity is one of the twisted consequences of the promotion tournament based on GDP. Local officials with the promotion pressure will support enterprises to expand production capacity, resulting in the reduction of capacity utilization efficiency and overcapacity. Capital market credit resources allocation is the intermediary variable of promotion pressure to affect the overcapacity. Promotion pressure makes local officials intervene improperly the allocation of credit resources, reducing the efficiency of the allocation of credit resources, and leading to overcapacity ultimately. Furthermore, changing the traditional promotion assessment based on the economic performance and increasing the proportion of environmental protection and other social development goals can reduce the impact of promotion pressure on overcapacity. Enhancing the transparency of the government will help to supervise and restrict the improper economic intervention of the local governments, and to curb the impact of local officials' promotion pressures on overcapacity. 