地方官员变动对辖区内企业投资的影响金融专业论文.docxVIP

地方官员变动对辖区内企业投资的影响The 地方官员变动对辖区内企业投资的影响 The Impact of Local Politician’s Turnover on Enterprises’Investment within the Region Abstract One of the biggest economic achievements of China over the past thirty years is the enhancing economic s仃ength．There are many researchers and scholars who have been trying to explain the economic miracle in China．Represented by Zhou Li Ann，scholars analyzed and discovered that the local government，especially local officials，plays a vital role in the process of booming China’S economy．The local officials’initimive and enthusiasm to economic growth is rare even in the world．Among the three main factors driving China’S economy，investment is the fastest and most effective way，which has the ability to boom entities’economy in a relatively short time．In the process of regional economic development， the enterprises，acting as the subjects of modem micro economy，are under the direct control of locaI government．Thus their investment is the main means to boost local economy． On the basis of previous research，this paper first built a simple theoretical model to explain that the existence of official promotion competition tend to expand investment in order to gain the maximization of his utilities，then empirically analyzed the impact of local politician’S tumover on enterprises’investment within the jurisdiction．This paper collected local politicians’turnover data in 3 60 local cities and districts in 3 1 provinces and municipalities from 1 999 to 2009 and matched it with China Industrial Enterprise Database into panel data．The regression result estimated that local governor’S turnover has significant negative effect on enterprise investment spending in the year．We divided whole sample into SOE and non-SOE sub sample，Eastern and non-eastem sub sample．The sub sample results were consistent with whole sample．Moreover，this paper investigated local govemor。S change that lags for one period has significantly promoted enterprises investment．Further，this