官员更替、政治身份与民营上市公司的风险承担

Official Turnover,Political Identity and the Risk Taking of Private Listed Firms

基于官员更替的视角,本文检验了宏观政治环境对企业微观行为的影响。我们采用2004—2008年民营上市公司样本,考察了市委书记更替对企业风险承担的影响及民营企业家政治身份的作用。结果表明,相比非更替年份,官员更替年份企业的风险承担更大,且这种作用不会提前或滞后。同时,更替的效应会因官员特征如来源、籍贯以及外部环境如产权保护和行业特征的差异而有所不同。此外,民营企业实际控制人的政治身份能够显著弱化官员更替的作用。

From perspective of official turnover, this paper studies the influence of macro political environment on micro enterprises behavior. We exam the relationship between local official＇s turnover and risk taking of enterprises and further explore the role of entrepreneur＇s political identity. The results indicate that enterprises have larger risk taking in the year of official turnover. The effect does not exist ahead or behind and varies with officials＇ characteris tics such as its source or native place and external environment such as property protection or industry characteristics. Moreover, political identity of controller can significantly weaken the effect of official turnover.