摘要
官员更替代表政治权力的转移,由于我国政治体制的特殊性,本文尝试按法定政治权力和事实政治权力分开讨论其对公司投资的影响。基于2000～2008年A股上市公司样本以及与此匹配的省委书记更替数据,本文实证发现我国官员更替对公司投资的影响因产权存在边界,主要表现为地方国企投资量和过度投资的降低,并且投资的调整提升了公司价值;这种影响仅存在于更替年份,异地调入的官员更替影响更大。这些表明中国的地方官员更替更适合从事实政治权力逻辑解释,并且本文按照普选制国家标准也未找到法定政治权力转移影响公司投资的证据。进一步,本文还发现官员的事实政治权力对投资的影响受到市场和经理人激励的制约;其影响程度也因更替频率而异。本文的结论丰富了世界范围内政治影响公司投资的研究,也对我国优化政企关系和国企改革提供参考。
The transfer of officials(TOO) represents the transfer of the political power(PP).Because of the specialty of China s political system,we have,in this paper,attempted to discuss,respectively according to legal political power and actual political power,the effect of them on corporate investment.Based on the specimens of the A share of listed companies between 2000 and 2008 and on the data,well matched with these specimens,on the transfer of provincial Party secretaries,we have,in this article,found and confirmed that the impact of China's TOO on corporate investment has a boundary because of property rights,which gives expression mainly in the decline of investment amount and over-investment of the local national enterprises,and that the adjustment of the investment has increased the value of companies. The above-mentioned impact has existed only in the years of transfer,and the impact of the TOO from other regions has been greater.These facts indicate that China s local TOO is more suitable to make a logical interpretation from the actual PP.Even according to the standard of countries with the universal suffrage,we have not found the evidence for the fact that the transfer of the legal PP influences the corporate investment.We have further discovered that the impact of the PP on investment has constrained by the market and the managers,and that the degree of this impact varies with the frequency of TOO.The conclusion of this paper has enriched the study on politics impact,in the whole world,on the company investment,and offered reference for optimizing the relationship between the government and the company and for the reform of state-owned enterprises.
出处
《管理世界》
CSSCI
北大核心
2013年第1期143-157,157+156+188,共15页
Journal of Management World
基金
国家自然科学基金重点课题(71132001)
国家社会科学基金重大项目(10ZD&035)
教育部人文社科重点研究基地重大项目(10JJD630001)资助
