Can the Accountability System for Operating Investment Improve the Investment Efficiency of State-owned Enterprises?
Establishing and improving the accountability system for operating is a key measure to deepen the reform of state-owned enterprises(SOEs)in the new era,which is crucial to effectively prevent the loss of state-owned assets and achieve high-quality development of SOEs.Based on the institutional background of the successive implementation of the accountability of illegal operation and investment in various regions,this paper empirically examines the specific impact and internal mechanism of operation and investment accountability on the investment efficiency of SOEs by constructing a multi-period difference-in-difference model.The results show that the accountability of operation and investment can significantly improve the investment efficiency of SOEs,and the main manifestation is to inhibit excessive investment.Mechanism analysis finds that accountability for operating investment can not only force SOEs to reduce the management's opportunistic behavior through the governance effect,but also play the information effect to improve the transparency of information of SOEs,and then curbing the inefficient investment behavior of SOEs.Heterogeneity analysis shows that the effect of business investment accountability on the investment efficiency of SOEs is more significant in the samples with high embeddedness of local SOEs,commercial competition and party organization governance.Moreover,accountability system for operation investment enhances the value of SOEs and the preservation and appreciation of state-owned assets by improving SOEs'investment efficiency.This paper not only provides direct empirical evidence for the implementation of the accountability system for operation and investment,but also has great significance for further deepening the reform of China's SOEs and promoting the high-quality development of SOEs.
accountability for operation investmentstate-owned enterprisesinvestment efficiencyopportunistic behaviorinformation transparency
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