地方官员更替、高管变更与地方国企投资效率——来自地方国有企业的经验证据

Local Government Official Turnover, Top Executive Turnover and Investment Efficiency in Local State-owned Enterprises: Empirical Evidence from Local State-owned Enterprises

中文关键词:  地方官员更替  高管变更  地方国企  中介效应  投资过度  投资不足

英文关键词:local government official turnover  top executive turnover  local state-owned enterprise  mediating effect  over-investment  under-investment

中文摘要:

      地方国有企业投资决策容易受到地方官员更替与企业高管变更的影响,以2005—2014年沪深上市的地方国有企业作为研究样本,剖析地方官员更替、高管变更与地方国企投资效率的关系。研究发现,地方官员更替能够提高地方国有企业的投资效率,缓解投资不足；地方官员更替会提高地方国有企业高管变更的概率,而且这种影响具有时滞性；同时,地方国企高管变更在地方官员更替与投资效率关系中具有显著的中介效应,且地方官员更替通过影响地方国有企业高管的决策,更容易干预地方国有企业的投资决策,对投资效率的促进效应进一步增强。整体而言,地方官员更替对地方国有企业投资效率具有直接显著的正向影响,且高管变更存在中介效应。因此,应完善中央对地方的政绩考核体系,推动地方经济由投资驱动向创新驱动转变。

英文摘要:

      The investment decisions of local state-owned enterprises are prone to be affected by local government official turnover and top executive turnover. Using the local state-owned enterprises listed in Shanghai Stock Exchange or Shenzhen Stock Exchange during the years from 2005 to 2014 as research samples, this paper explores the relationship among local government officials turnover, top executives turnover and investment efficiency in local state-owned enterprises. The research finds that the transfer of local government officials can improve the investment efficiency of local state-owned enterprises and alleviate the lack of investment; the transfer of local officials will increase the probability of local state-owned company executives changing, and this effect has a time lag. There is a significant mediating effect for local state-owned executives' turnover on the relationship between investment efficiency and local officials' replacement. Through the influence of local state-owned executives' decision-making, it is easier for officials to intervene in the investment behavior of local state-owned enterprises and the promotion effect on investment efficiency is further enhanced. In the whole, the transfer of local government official turnover has a direct and positive impact on the investment efficiency in local state-owned enterprises, and top executives turnover has the mediating effects. Therefore, the performance appraisal system should be improved for central government to evaluate the local government and promote the local economy to transform from an investment-driven economy to an innovation-driven one.