Research On The Impact Of Vice Governor’s Appointment With Financial Work Background On The High Quality Development Of Enterprises

In recent years,the central government has intensively selected deputy governors with financial work backgrounds to serve locally,and the phenomenon of equipping provinces and cities across the country with "financial deputy governors" has become increasingly common.Theory and practice have shown that the individual characteristics of government officials can have a significant impact on the economy and micro enterprises within their jurisdiction.Due to their long-term tenure in the financial system,the "Deputy Governor of Finance" has accumulated professional financial knowledge,accumulated rich experience in financial supervision,and mastered a large amount of financial resources.Their distinct individual characteristics will inevitably affect the development of enterprises within their jurisdiction.Analyzing the main objectives of the "Deputy Governor of Finance" in serving locally,it can be concluded that the most important way to prevent and resolve financial risks is to take measures to suppress financial detachment from reality to emptiness.This is essentially consistent with improving the efficiency of credit resource allocation,guiding financial services to the real economy,and promoting high-quality development of enterprises,Therefore,this article empirically tests whether the appointment of a deputy governor with a background in financial work can have a positive impact on the high-quality development of enterprises and explores its transmission mechanism.This article takes advantage of the exogenous impact of serving as a deputy governor with a background in financial work,using A-share listed companies from2007 to 2020 as samples,and using a multi time point double difference model to verify whether financial cadres with experience in financial regulatory departments and large financial institutions can promote the high-quality development of enterprises in their jurisdiction by serving as deputy governors(mayors/chairpersons)in local governments.The empirical study found that the appointment of vice governor with financial work background can significantly promote the high-quality development of enterprises,which is reflected in improving the total factor productivity of enterprises,and this conclusion passed the robustness test.Mechanism analysis shows that the position of deputy governor with a background in financial work can promote the improvement of total factor productivity and promote high-quality development of enterprises by promoting R&D innovation and alleviating financing constraints.This indicates a causal relationship between the appointment of deputy governors with financial work backgrounds and the high-quality development of enterprises,revealing the inherent connection and mechanism between the financial work background characteristics of senior local government officials and the high-quality development of micro enterprises.Extensive analysis found that the role of deputy governor with a financial background in promoting high-quality development of enterprises is more significant in the sample of non-state-owned enterprises and high-tech industries.This article explores the impact of the experience characteristics of local senior officials in the financial system on the high-quality development of enterprises and its transmission mechanism,providing a new explanation for the relationship between the appointment of leading cadres and micro entities of economic development in China,and providing theoretical basis and empirical evidence for the central government’s selection of leading cadres from the financial system to local positions.