地方政治权力转移与企业社会资本投资周期--基于政企关系重构的动态研究

文章以2007－2012年我国A 股上市公司为样本，从政企关系重构的视角研究了地方政治权力转移对企业社会资本投资的影响。研究发现：(1)在地方政治权力转移当年，企业会显著提高社会资本投资力度。随着主政官员任期的增加，企业社会资本投资呈现下降趋势。这说明在主政官员任期内，企业社会资本投资呈现先增后减的周期性特点。这种周期性特点仅在民营企业中存在。(2)民营企业社会资本投资的周期性特点在地方官员来自外地、继任官员预期任期较长、管制行业以及融资约束程度高和无政治关联的企业样本中更加显著。(3)在地方政治权力转移当年，民营企业提高社会资本投资力度能够帮助其获得政府补助，但这种优势并不会立刻体现出来；同时，企业提高社会资本投资力度也会对自身的研发投入产生挤出效应，且挤出效应持续存在于继任官员的整个任期中。文章的研究为理解企业建立政企关系的手段、过程与效果提供了新的视角。

Local Political Power Transition and Investment Cycle of Corporate Social Capital:Dynamic Research Based on the Reconstruction of Government-enterprise Relations

Making use of the data of Chinese A-share listed companies from 2007 to 2012,this paper studies the impact of local political power transition on investment cycle of corporate social capital from the perspective of the reconstruction of government-enterprise relations.It arrives at the conclusions as follows:firstly,enterprises significant-ly improve the social capital investment in the year of local political power transition,and with the increase in the tenure of chief officials,corporate social capital investment shows a decreasing trend;that is to say,corporate social capital investment has a cyclical charac-teristic of increasing first and then decreasing during the tenure of chief officials;and this cyclical characteristic exists only in private enterprises;secondly,the cyclical characteristic of social capital investment in private enterprises is more significant in the sample groups of local officials coming from a different city,longer expected tenure of successor officials, regulatory industries,firms with high financial constraints,and firms without political connections;thirdly,in the year of local political power transition,the increase in corpo-rate social capital investment provides private firms with the advantage of gaining govern-ment subsidies,but this advantage cannot be exerted at once;meantime,the increase in corporate social capital investment also leads to a crowding-out effect on their own R&D investment,and this crowding-out effect lasts during the whole tenure of successor offi-cials.It provides a new perspective for the understanding of means,process and effective-ness of establishing government-enterprise relations.