政绩推动、政治关联与民营企业投资扩张

POLITICAL PERFORMANCE DRIVE,POLITICAL CONNECTION AND PRIVATE ENTERPRISES' INVESTMENT EXPANSION

地方政府以行政方式推动民营企业投资扩张是造成投资过度和产能过剩的重要原因。以2004—2011年民营上市公司为样本,本文实证分析了地市级政府面临的政绩压力对民营企业投资的影响,并重点考察了政治关联在其中的作用以及政绩压力对信贷资源配置的影响。研究发现,控制地区固定效应后,地方政府政绩压力影响辖内民营企业投资,政绩压力特别是经济增长压力越大时,辖内民营企业过度投资越严重。政治关联弱化了政绩压力对民营企业投资的推动作用,地方政府面临较大的政绩压力特别是经济增长压力时,政治关联民营企业过度投资程度相对较低。进一步研究还发现,地方性政治关联对政绩压力推动民营企业投资扩张的弱化作用更为显著。政绩压力特别是经济增长压力增大时,地方政府同样有着强烈的动机推动非管制行业民营企业扩张投资。信贷资源在政绩压力影响政治关联民营企业投资行为方面扮演了重要角色。本文的相关结论对于理解地方政府推动企业投资扩张造成产能过剩以及政治关联的经济后果具有一定的参考价值。

The administrative intervention of private enterprises＇ investment derives from local governments is one of main reasons for the phenomenon of overinvestment and over-capacity.This paper adopts a sample of private listed companies from 2004 to 2011to investigate effects of prefectural government performance pressure on private enterprises＇ investment,and in particular the role of political connection as well as effects of political performance pressure on allocation of loan resources.After controlling the city fixed effects,the results suggest that local performance pressure affects the investment of private enterprises,the problem of overinvestment is more severe when the local government is confronted with more pressure especially economic growth pressure,while political connection may attenuate this influence which means the problem of overinvestment is relatively less severe for politically connected enterprises.Moreover,the attenuated effect of political connection is more significant when private enterprises have local political connection,local governments have incentives to push private enterprises in nonregulated industries to expand investment with the political performance pressure especially economic growth pressure increasing,and loan resource has played an important role for the relationship between political performance pressure and investment of politically connected private enterprises.The conclusions would provide some insights into local governments＇ intervention in corporate investment which may lead to over-capacity as well as economic effects of political connection.