The Influence Of The Change Of The Mayor And Party Secretary On The Investment Of Enterprises-Evidence From The Listed Companies Of Strategic Emerging Industries

Based on the sample of listed companies in strategic emerging industries between 2007 and2014 of Shanghai and Shenzhen Stock Market,this paper tests the effect of the change of the local prefecture level city mayor and party secretary on corporate investment,and further studies differentiated different enterprise types.The results are as follows:(1)the change of prefecture level city party secretary will lead to the significant increase of strategic emerging industries listed companies investment and this effect occurs only in the second year,we have not found significant effect of the change of the local prefecture level city mayor;(2)the investment of state-owned enterprises are influenced significantly by the change of prefecture level city party secretary and this effect lag one phase,major's turnover has no significant effect;(3)higher government subsidies companies are also influenced significantly by the change of prefecture level city party secretary and this effect lag one phase,major's turnover has no significant effect.This paper enriches the study of the turnover of officials;meanwhile,this paper will be helpful for government to fully understand the law of the development of strategic emerging industries but also for the Chinese government to fully understand the development of strategic emerging industries and to further improve the promotion mechanism of local officials.