高管个人事项申报、政治风险与国有企业创新投资

The Reporting of Personal Matters of Top Management, Political Risks, and Innovation Investment of State-Owned Enterprises

中共中央办公厅和国务院办公厅于2010年5月联合颁布了《关于领导干部报告个人有关事项的规定》(以下简称《规定》)。本次颁布的《规定》一方面要求包括国企高管在内的领导干部报告本人婚姻变化和配偶、子女移居国(境)外、从业等事项,另一方面也要求报告收入、房产、投资等财产状况。《规定》的颁布使国企高管受到了更严格的监督,很可能增加其政治风险,从而引起高管对高风险投资活动的相对厌恶。因此,国企高管很可能会减少研发投入这类经营风险大的创新投资,牺牲企业的长期发展潜力,从而导致额外的代理问题。本文以2007-2012年沪深A股上市公司为样本,运用DID方法,检验结果发现《规定》的颁布所导致的国企高管政治风险的增加显著地抑制了地方国企的创新投资。进一步研究发现,这种抑制效应在那些经营风险大的企业以及高新技术行业中更加显著。最后,本文还发现,《规定》的颁布显著降低了地方国企的创新绩效。本文一方面从国企高管政治风险的角度拓展了国企高管代理问题的相关研究,另一方面从高管政治风险的角度丰富了关于企业创新影响因素的相关文献。同时,本文对于进一步增强反腐有效性和深化国企改革具有重要的政策含义。

The Communist Party of China (hereinafter referred to be as CCP),CCP issued the revision of the Provision Relating to the Declaration of the Leader's Personal Matters(hereinafter referred to be as the Provision) in May 2010.On the one hand,the Provision requires leading cadres including executives of SOEs to declare their marital status,their family members' emigrant status and employment status as well as their property declaration.On the other hand,it adds further new punitive measures such as adjusting the officials' position in the government and dismissal when they break the Provision.The implement of the Provision can raise political risk of executives of SOEs and they might try to cut some projects with high operational risk to control the total risk when the increase of political risk because of the Provision is inevitable.The whole innovation is not only long,idiosyncratic,and unpredictable,but also involves a very high probability of failure.Therefore,we speculate that executives of SOEs may reduce innovation investments with high operational risk to control total risk.Drawing on a sample of Chinese listed firms in the period of 2007-2012,we find a significant decrease of innovation investment of SOEs after the Provision putting into force using difference-in-differences method (DID).We also find this effect is more pronounced in the firms with higher operational risk and the firms in high-tech industry.This study contributes to corporate innovation literature and SOEs agency problem literature from the perspective of executives' political risk,and we also enrich recent research about economic consequences of property declaration.The results of this paper can also provide policy reference to further promote anti-corruption campaign and deepen SOEs reform in China.