政治选举影响公司投资吗——来自中国资本市场的经验证据

发布时间：2017-12-27 22:02

本文关键词：政治选举影响公司投资吗——来自中国资本市场的经验证据　出处：《南方经济》2015年05期 　论文类型：期刊论文

【摘要】：现有理论认为,换届选举的政治不确定性能够导致公司投资水平降低,但鉴于我国中央政府换届选举与西方国家政治体制不同,我国中央领导人换届是否影响企业投资决策是一个值得探究的命题。本文以中国共产党第十八次代表大会为天然试验田,采用A股上市公司为研究样本,实证检验中央政府领导人权力交接对公司投资的影响。研究发现,在中央政府换届的年份,全体样本公司的投资支出相比其他年份显著下降;进一步地,根据所有权性质进行分类检验后发现,在中央领导人换届年份,非国有上市公司投资支出所受影响显著大于国有企业。这表明,非国有企业对国家层面的政治不确定性更为敏感,中央政府换届对其影响程度更大。本文的研究不但在国内将领导人换届选举对公司投资的影响由地方拓展至国家层面,也将政治因素与公司投资相关研究由西方普选制国家拓展至中国式特色选举国家。
[Abstract]:The theory that the election of political uncertainty can lead to reduced levels of investment, but in view of China's central government general election and political system of western countries, the central leader of China's general would not affect the investment decision of the enterprises is a topic worthy of inquiry. Taking the eighteenth Congress of the Communist Party of China as the natural test field, taking A share listed companies as research samples, this paper empirically tests the influence of central government leaders' handover on company investment. The study found that in the central government general of the year, the Sample Firms investment spending declined significantly compared to the other years; furthermore, the classification test according to the nature of ownership after the discovery, in the central leadership transition year, non state-owned listed companies investment spending affected significantly more than the state-owned enterprises. This shows that non state owned enterprises are more sensitive to political uncertainty at the national level, and the change of the central government has a greater impact on it. This research will not only expand the impact of leader election on company investment from local to national level, but also expand the related research of political factors and corporate investment from the Western universal suffrage to the Chinese style electoral country.
【作者单位】：武汉纺织大学会计学院;
【基金】：国家自然科学基金项目《高管政治晋升激励与公司并购——基于国有控股上市公司的经验证据》(71402130)的阶段性研究成果教育部人文社科项目《基于案例库构建的制造业跨国并购技术承接机理研究》(14YJA630074)资助
【分类号】：F832.51;F275;D621.5
【正文快照】： 一、引言餐饮业巨头湘鄂情的董事长孟凯在接受采访中说道:“做过餐饮的人都知道,这盘棋已经没法再继续在行业内往前走了,高端餐饮没了,低端餐饮我也提前一年做了,也没成,我有什么本事说在本行业内崛起?已经无路可走。”湘鄂情之所以陷入困境,与中央新一届政府执政伊始推出“八

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