How the Reform of Local Officials'Performance Assessment Affects the Efficiency of Enterprise Investment
In 2013,the Organization Department of the CPC Central Committee issued the Notice on Improving the Performance Assessment of Local Party and Government Leading Bodies and Leading Cadres,highlighting the change in the evaluation of local officials'economic performance from attaching importance to growth rate to enhancing quality and improving efficiency.This paper uses the double difference method to empirically test the impact of changes in economic performance assessment on excessive investment and underinvestment of enterprises.Based on the data of listed industrial enterprises in China,it shows that the changes in the economic performance assessment restrain the excessive investment of enterprises,and alleviate the lack of investment of enterprises,thus helping to improve the investment efficiency of enterprises.The mechanism analysis shows that the effect of government resource allocation and market competition are the important channels that the changes of economic performance assessment affect the investment efficiency of enterprises.Heterogeneity analysis found that at the regional level,the economic performance appraisal change on the enterprise investment efficiency in the eastern region,the superior officials economic growth achievement demands lower regions and officials term more than three years and higher regions performance more obvious level,economic performance appraisal changes more help to curb traditional industries and industries with excess capacity,alleviate effect of insufficient investment in emerging industries and industries with excess capacity is more obvious;at the industry level,economic performance assessment changes are more conducive to curbing excessive investment in traditional industries and high tech industry,while the easing effect of underinvestment is more obvious in emerging industries and low tech industry.
official performance assessmentlocal governmentover-investmentunderinvestment
万方数据
维普
