官员更替影响企业行为和绩效了吗?——基于上市公司投资行为和市场绩效的实证检验

Does the Governors' Turnover Affect the Behavior and Performance of Corporations?

基于1998~2011年沪深两市A股上市公司数据,本文考察了官员更替对辖区上市公司投资行为和市场绩效的影响。研究发现：官员更替导致辖区上市公司投资支出增加,市场绩效降低,国有企业更易受官员更替的影响,地区人均财政支出强化了官员更替对公司投资支出的影响。文章还发现官员更替的影响具有异质性,市场化程度较低的中西部地区更易受官员更替的影响。研究表明官员更替产生的＂翻烧饼＂效应可能不同程度地存在于各地区,企业行为和绩效等效率的提高,需要公司治理机制的优化,也在很大程度上取决于政府治理模式的完善。

Based on the data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges, this paper examines the impact of the governors＇ turnover on the investment behavior and market performance of the listed companies in the area. Study found that the turnover leads the companies in the area to increase investment, and get decreased market performance, which that effect is more obvious when the company is state-owned listed companies. The per capita fiscal expenditure in the region strengthens the effect of governors＇ turnover on the investment of listed companies in the area. The paper also found that the impact of the governors＇ turnover is heterogeneous, which the companies in the Midwest with the lower marketization degree are more easily affected by the governors＇ turnover. The results indicate the effect of ＂turning over baking cake＂ caused by the governors＇ turnover may exist in each area on the different level. To enhance the efficiency of enterprise behavior and performance, it is necessary to optimise the corporate governance mechanism, and the effect also depends largely on the improvement of the government management.