地方政府施政风格与经济高质量发展——基于股价崩盘风险的研究视角

The Government’s Governance Style and High-quality Economic Development——From the Perspective of Stock Price Crash Risk

本文实证研究发现当地方政府施政风格越激进时,当地企业的股价崩盘风险越高。并且,这种关联与政府干预动机和企业迎合动机密不可分。内在机制检验表明,政府施政风格通过影响地区法制建设和信息透明度以及企业信息披露行为进而作用于企业股价崩盘风险。本文研究不仅丰富了政府公共治理和企业股价崩盘风险这两个领域的文献积累,而且对于探索新常态下如何转化政府职能、寻求经济增长新动力、实现经济高质量发展具有积极的实践意义。

This study finds that when the local government’s governance style is more aggressive, the risk of local corporate stock prices crash is higher by government intervention and corporate catering motivations. Further research proves that the government’s governance style affects regional information transparency and corporate information disclosure behavior, and then on the risk of stock price crash. This paper not only enriches the literature accumulation in the two fields of government public governance and crash risk, but also has positive practical significance for exploring how to transform government functions, seek new power for economic growth, and achieve high-quality economic development.