管理评论

管理评论 ›› 2020, Vol. 32 ›› Issue (9): 3-17.

• 经济与金融管理 •    下一篇

地方政府财政支出、官员任命与投资同步性

俞俊利1, 徐汇丰2, 王亮亮3   

  1. 1. 上海交通大学中国城市治理研究院/国际与公共事务学院, 上海 200030;
    2. 广东财经大学粤港澳大湾区资本市场与审计治理研究院/会计学院, 广州 510320;
    3. 东南大学经济管理学院, 南京 211189
  • 收稿日期:2018-04-20 出版日期:2020-09-28 发布日期:2020-09-30
  • 通讯作者: 徐汇丰(通讯作者),广东财经大学粤港澳大湾区资本市场与审计治理研究院/会计学院讲师,博士
  • 作者简介:俞俊利,上海交通大学中国城市治理研究院/国际与公共事务学院助理研究员,博士;王亮亮,东南大学经济管理学院副教授,博士。
  • 基金资助:
    国家自然科学基金项目（71702102；71502033；71972036）；教育部人文社会科学规划项目（15YJC790137）；江苏高校哲学社会科学研究重大项目（2019SJZDA025）；全国统计科学研究项目（2019LY07）；中央高校基本科研业务费专项资金项目（2242020R40106）；东南大学“至善青年学者”支持计划。

Local Government Financial Expenditure, Officials Appointment and Investment Comovement

Yu Junli1, Xu Huifeng2, Wang Liangliang3   

  1. 1. ChinaInstitute for Urban Governance/School of International and Public Affairs, Shanghai Jiao Tong University, Shanghai 200030;
    2. Institute of Capital Market and Audit Governance Studies for the Great Bay Area(Guangdong, Hong Kong, Macau) School of Accounting, Guangdong University of Finance and Economics, Guangzhou 510320;
    3. School of Economics and Management, Southeast University, Nanjing 211189
  • Received:2018-04-20 Online:2020-09-28 Published:2020-09-30

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摘要： 企业投资决策的羊群行为普遍存在，转型经济国家尤是如此。企业投资决策的羊群行为中，政府财政支出扮演何种角色呢?中国政府的财政分权改革赋予了各地方政府财政支出一定的自由度，这给检验上述问题提供了契机。本文基于2000-2015年间中国A股上市公司的投资数据刻画了各省份企业的投资同步性，并以此为基础探究企业投资决策羊群行为是否受到地方政府财政支出水平的影响。研究发现，地方政府财政支出水平与当地企业的投资同步性显著正相关。进一步研究发现，地方政府的官员任命（特征）会调节上述二者间的关系，具体而言，地方政府官员具有中央部委工作经历、出生与任职地相同、党政专业背景、任职年龄等都会削弱地方政府财政支出对企业投资决策羊群行为的促进效应。

关键词: 财政分权, 官员特征, 投资同步性, 城市治理

Abstract: The herding behavior of corporate investment decisions is prevalent especially in transition economies. What role does financial expenditure play in the herding behavior of corporate investment decisions? The fiscal decentralization reform has given the local government a certain degree of freedom in financial expenditure, which provides an opportunity to test the above problems. The study depicts the investment comovement in each province based on the investment data of Chinese listed firms from 2000 to 2015, and explores whether or not the herding behavior is affected by the level of local government's financial expenditure. The study documents that fiscal decentralization enhances the spending power of local governments, hence the level of fiscal expenditure of local governments is positively correlated with local firm's investment level. Further research highlights that the characteristics of local government officials will moderate the positive relationship between fiscal expenditure and investment comovement. In particular, local government officials' experience of working in central ministries, the fact that they work in the place where they were born, their professional background in the Party and government and the high level of their seniority will weaken the local government financial expenditure's positive impact on the investment herding behaviors.

Key words: fiscal decentralization, government officials' characteristics, investment comovement, urban governance