官員任期、年齡限制與地方企業(yè)投資——來自中國上市公司的經(jīng)驗(yàn)證據(jù)
發(fā)布時(shí)間:2018-11-05 09:44
【摘要】:既有文獻(xiàn)在分析官員任期與企業(yè)投資的關(guān)系時(shí),忽略了年齡限制對(duì)官員晉升的關(guān)鍵作用。本文將官員分為晉升受年齡限制和不受年齡限制兩大類,通過一個(gè)簡(jiǎn)單的兩階段模型刻畫了官員任期與企業(yè)投資之間的關(guān)系。然后,基于1999—2015年中國的市委書記與上市公司的數(shù)據(jù)對(duì)理論結(jié)果進(jìn)行了經(jīng)驗(yàn)檢驗(yàn)。分析表明,在任期和企業(yè)投資的關(guān)系上,兩類官員的確存在顯著差異;特別地,不受年齡限制的官員,任期與企業(yè)投資之間呈現(xiàn)出理論模型所刻畫的U型關(guān)系。
[Abstract]:In the analysis of the relationship between official tenure and enterprise investment, the existing literature neglects the key role of age restriction in the promotion of officials. In this paper, officials are divided into two categories: promotion is restricted by age and not by age, and the relationship between tenure of officials and enterprise investment is described by a simple two-stage model. Then, based on the data of the party secretaries and listed companies from 1999 to 2015, the theoretical results are tested empirically. The analysis shows that there is a significant difference between the two types of officials in the relationship between tenure and enterprise investment, especially the U-shaped relationship between tenure and enterprise investment, which is not limited by age.
【作者單位】: 上海理工大學(xué)管理學(xué)院;復(fù)旦大學(xué)中國社會(huì)主義市場(chǎng)經(jīng)濟(jì)研究中心;
【基金】:教育部人文社會(huì)科學(xué)研究青年基金項(xiàng)目(15YJC790158);教育部人文社科重點(diǎn)基地項(xiàng)目(14JJD790014) 國家自然科學(xué)基金項(xiàng)目(71373050)
【分類號(hào)】:D630.3;F275
本文編號(hào):2311677
[Abstract]:In the analysis of the relationship between official tenure and enterprise investment, the existing literature neglects the key role of age restriction in the promotion of officials. In this paper, officials are divided into two categories: promotion is restricted by age and not by age, and the relationship between tenure of officials and enterprise investment is described by a simple two-stage model. Then, based on the data of the party secretaries and listed companies from 1999 to 2015, the theoretical results are tested empirically. The analysis shows that there is a significant difference between the two types of officials in the relationship between tenure and enterprise investment, especially the U-shaped relationship between tenure and enterprise investment, which is not limited by age.
【作者單位】: 上海理工大學(xué)管理學(xué)院;復(fù)旦大學(xué)中國社會(huì)主義市場(chǎng)經(jīng)濟(jì)研究中心;
【基金】:教育部人文社會(huì)科學(xué)研究青年基金項(xiàng)目(15YJC790158);教育部人文社科重點(diǎn)基地項(xiàng)目(14JJD790014) 國家自然科學(xué)基金項(xiàng)目(71373050)
【分類號(hào)】:D630.3;F275
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