官员更替、企业家跟随与企业投资效率

Turnover of Government Officials,Entrepreneurs Following and Investment Efficiency

基于市委书记更替视角,选用2010~2017年深沪两市A股民营上市公司的数据,检验官员更替、企业家跟随与企业投资效率之间的关系。实证结果表明:市委书记更替当年企业家跟随官员到履新地区投资的可能性增加;官员更替当年,跟随企业的过度投资程度增加;而官员更替是否发生在同一政治圈是影响本地企业投资效率的重要因素,与同一政治圈官员更替相比,官员更替发生在非同一政治圈时,本地企业会发生过度投资。

Using the A-share private listed companies controlled by family from 2010 to 2017 as sample,this paper examines the relationship between turnover of government officials,entrepreneurs following and investment efficiency based on the par-ty secretary replacement perspective.Results show that the turnover of municipal party secretary increases the possibility of entrepreneurs'investing in the new city;the officials'turnover increases the degree of over-investment with the following com-panies in the year of turnover.Compares with same political circles'officials'turnover,different political circles'officials'turnover causes local companies'over-invest.