省长更替对不同所有制企业投资影响的实证分析

Empirical Analysis of the Effect of Local Governor Turnover on Different Ownership Firms' Investment

本文基于1998-2013年上市企业的样本,根据企业的所有制形式将其分为国有企业和民营企业,匹配期间31个省级行政区122位省长的更替数据,实证考察了省长更替对不同所有制企业投资的影响。研究发现:省长更替后,国有企业的投资显著增加,而民营企业的投资显著下降,国有企业投资的增加对民营企业投资存在挤出效应;省长更替后企业的投资效率下降,且民营企业投资效率的下降更为明显,存在一定的资本配置扭曲;省长更替后国有企业投资的增加主要是由正常更替、年龄较低、学历较低和在籍贯所在地上任的新省长造成的。

Based on the samples of listed companies from 1998 to 2013, according to the form of the firm ’s ownership it can be divided into state-owned firms and private firms, matching the period 31 provincial-level administrative regions 122 Governor’s turnover data, this paper empirically examines the effect of governorturnover on different ownership firms’ investment. The study found that after the governor turnover, a significant increase in investment in state-owned firms, while the investment of private firms decreased significantly, increased investment in state-owned enterprise has a crowding out effect on the investment of private enterprises. After the governor turnover, a decline in investment efficiency of the firms, and private firms’ investment efficiency reduction is more obvious, there is a distortion of capital allocation. Increasedinvestment in state-owned firms after the governor turnover mainly by normal turnover, lower age, lower education, and new governor took office in the place of origin location caused.