地方政府治理风险与上市公司总部迁移研究

使用2001-2012年上市公司和地方政府治理风险的数据,利用混合面板OLS和Logit回归方法,检验了地方政府治理风险对中国上市公司总部聚集以及总部迁移的影响。结果表明,上市公司总部的分布极不均衡,且趋向于从中西部和东北地区迁往东部沿海,尤其是北京和上海地区;地方政府治理风险显著减少了地方上市公司总部数量,对总部的外迁有显著促进作用,对地区总部迁移的总体状况有显著促进作用。同时考察了公司董事政治关联与地方政府治理风险共同作用对总部迁移的影响,在不考察两者交互作用时发现,其他地方政治关联董事数量、中央政治关联董事数量对总部的迁移有显著的促进作用,本地政治关联董事数量对总部的迁移有显著的抑制作用;在考察两者交互作用时,发现地方政府治理风险越大,其他地方政治关联董事数量越多,总部迁移的可能性越大,同时即使公司存在本地政治关联董事,地方政府治理风险对总部的迁移也会有显著促进作用。对回归的结果进行了检验,发现结果具有稳健性。研究对理解地方政府治理风险以及总部迁移现象有一定的启示作用。

The Study about the Local Government Governance Risks and Headquarters Relocation of Public Listed Firms

Local governments are building headquarters economy and using various preferential policies to attract headquarters to settle down, which leads to the headquarters migration of listed Companies in search of broader development space. What factors lead to such unbalanced distribution of listed companies, and what factors lead to the phenomenon of headquarters migration of listed companies, is a very important issue for both theoretical and practical circles.Local governments are building headquarters economy and using various preferential policies to attract headquarters to settle down, which leads to the headquarters migration of listed Companies in search of broader development space. What factors lead to such unbalanced distribution of listed companies, and what factors lead to the phenomenon of headquarters migration of listed companies, is a very important issue for both theoretical and practical circles.As China's economic development is greatly affected by the government, whether for the central government or local government. The governance risk of local government may affects the number of local listed companies. In areas with low government governance risk, economic development is faster, the number of listed companies is larger; and when the governance risk is higher, economic development is slow and the number of listed companies is small. At the same time, in order to avoid the governance risk of the government and seek better profit and development space, the listed companies in other regions relocate their headquarters to areas with less governance risk. Therefore, this paper argues that local government governance risk may affect the number of listed Companies in different regions, and at the same time lead the migration of headquarters of listed companies. In the same area, there are headquarters migration and no migration, this paper argues that the possible reason lies in the difference of the political connection of the board of directors of listed companies.From the perspective of local government governance risk, this paper studies the impact on the number of local listed companies and the headquarters migration of listed companies, and examines the interaction between directors' political connections and local government governance risk on the headquarters migration of listed companies.Taking the data of public listed firms and local government governance between 2001 and 2012, test the effect of local government governance on agglomeration and relocation of headquarters of public listed firms by using pooled panel OLS and Logit regression method. The results are as follows, the distribution of headquarters of public listed firms is extremely uneven, and they are tend to move from the midwest and the northeast region to the east region of China, especially to Beijing and Shanghai; the low level of government governance significantly reduce the headquarters number of public listed firms, significantly promote the headquarters relocation. At the same time, investigating the influence of the political directors of the firm and the government governance on headquarters migration, without considering the interaction of them, find that the number of directors association with elsewhere government and the central government have significant promotion in the headquarters moving to other region, the number of directors association with local government have notable inhibition in the headquarters relocating to other place; when take the interaction of them into consideration, find that the higher the level of government governance, the more the number of political directors association with elsewhere government, the greater the possibility of migration of the headquarters, and also, even if there is a local political directors with the local government in the firm, the low level of government governance still will boost the headquarters moving to other place significantly. When examiningrobust of the regression results, find they are very steady.This study provides a new perspective for understanding the headquarters migration behavior of micro-enterprises from a macro perspective, and provides some enlightenment for the government's governance practice and the headquarters migration behavior of enterprises. For example, the government should reduce the risk of local government governance by improving laws and regulations, policies and systems and reducing administrative order intervention, attract more headquarters to move to the local area, and create a good growth environment for the development of local companies. For enterprises, headquarters should be located in well-governed areas to achieve better development. This study adds relevant literature on grabbing hand or helping hand of the government.