6817 
6848文章研究政治周期对企业投资的影响及其现象、作用路径与经济后果。基于2001-2009年277个地级市市长变更所形成的政治周期，文章研究发现：(1)市长变更后第1年和第2年的投资支出及其增长速度均高于变更当年，市长变更后第3年及以后的投资指标均低于变更当年，投资峰值出现在变更后第2年。(2)在这种现象背后，是增加企业负债融资的微观路径与扩大政府支出的宏观路径。两者的变化规律与投资行为基本一致，负债融资和政府支出的峰值都出现在变更后第1年。(3)这种现象导致企业投资效率下降，过度投资增加，过度投资程度与可能性的峰值都出现在变更后第2年。这一研究丰富了中国的政治周期对资源配置影响的相关文献，增进了对地方官员在中国制度中所发挥作用的了解。
政治周期、地方官员变更与资源配置
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参考文献
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引用本文
陈艳艳, 罗党论. 政治周期、地方官员变更与资源配置[J]. 上海财经大学学报, 2016, 18(5): 40–52.
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