监管者在地方企业的工作经历与国有企业的投资效率：来自省国资委领导的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-04-05 DOI:10.1016/j.ememar.2024.101132

Bingyu Xiao , Guangming Gong , Liang Xiao

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引用次数: 0

摘要

以 2008 年至 2020 年中国地方上市国有企业为样本，我们发现省级国资委领导在地方企业的工作经历能显著提高地方国有企业的投资效率。这种效应对于金字塔层级较短的地方国有企业和制度环境薄弱地区的地方国有企业更为明显。此外，机制检验表明，省级国资委领导在地方企业的工作经历可以通过降低代理成本和弱化政策负担来提高地方国有企业的投资效率。总之，我们的研究强调了监管者特征在决定国有企业投资效率方面的重要作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Regulators' work experience at local companies and SOEs' investment efficiency: Evidence from provincial SASAC leaders

Using a sample of Chinese local listed state-owned enterprises (SOEs) from 2008 to 2020, we find that provincial State-owned Assets Supervision and Administration Commission (SASAC) leaders' work experience at local companies significantly improves local SOEs' investment efficiency. This effect is stronger for local SOEs with shorter pyramidal layers and those in regions with weak institutional environments. Moreover, mechanism tests show that provincial SASAC leaders' work experience at local companies improves local SOEs' investment efficiency by decreasing agency costs and weakening policy burdens. Overall, our study highlights the important role of regulators' characteristics in determining the investment efficiency of SOEs.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.