地方政治权力转移与企业社会资本投资周期——基于政企关系重构的动态研究

发布时间：2018-03-05 19:48

本文选题：企业社会资本投资　切入点：地方政治权力转移　出处：《财经研究》2017年01期 　论文类型：期刊论文

【摘要】：文章以2007-2012年我国A股上市公司为样本,从政企关系重构的视角研究了地方政治权力转移对企业社会资本投资的影响。研究发现:(1)在地方政治权力转移当年,企业会显著提高社会资本投资力度。随着主政官员任期的增加,企业社会资本投资呈现下降趋势。这说明在主政官员任期内,企业社会资本投资呈现先增后减的周期性特点。这种周期性特点仅在民营企业中存在。(2)民营企业社会资本投资的周期性特点在地方官员来自外地、继任官员预期任期较长、管制行业以及融资约束程度高和无政治关联的企业样本中更加显著。(3)在地方政治权力转移当年,民营企业提高社会资本投资力度能够帮助其获得政府补助,但这种优势并不会立刻体现出来;同时,企业提高社会资本投资力度也会对自身的研发投入产生挤出效应,且挤出效应持续存在于继任官员的整个任期中。文章的研究为理解企业建立政企关系的手段、过程与效果提供了新的视角。
[Abstract]:Based on the sample of A share listed companies in China from 2007 to 2012, this paper studies the influence of local political power transfer on corporate social capital investment from the perspective of the reconstruction of the relationship between government and enterprise. The study finds that: 1) in the year of local political power transfer, Enterprises will significantly increase their investment in social capital. With the increase in the tenure of officials in charge, the investment in social capital of enterprises shows a downward trend. This shows that during the term of office of political officials, The cyclical characteristics of social capital investment in private enterprises are only in private enterprises. The cyclical characteristics of social capital investment in private enterprises come from local officials, and the term of succession officials is expected to be longer. In the regulatory industry and in a sample of highly constrained and politically unrelated firms, more significant.) in the year of the transfer of local political power, private enterprises increased their social capital investment to help them obtain government subsidies. However, this advantage will not be immediately manifested; at the same time, enterprises will also have an crowding out effect on their own R & D investment by increasing their investment in social capital. The crowding-out effect persists throughout the tenure of the successor. The research in this paper provides a new perspective for the understanding of the means, process and effect of establishing the relationship between government and enterprise.
【作者单位】：南京大学商学院;暨南大学管理学院;中国海洋大学管理学院;
【基金】：国家自然科学基金项目(71372168,71372111) 国家社会科学基金项目(16BGL076)
【分类号】：D630;F276.5

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