英文摘要

The external environment for China's economic development is undergoing profound changes.The world economic recovery is sluggish and China-Us trade frictions are serious.At the same time,China is also facing structural problems and deep-seated contradictions in the economic transformation.In the report of the 19th National Congress of the Communist Party of China （CPC）,General Secretary Xi Jinping pointed out that China's economy has shifted from a stage of high-speed growth to a stage of high-quality development.In his speeches since then,the General Secretary has repeatedly expounded on the core essence of development in the new era that high-quality development,promoting high-quality development is the fundamental requirement for doing economic work well,and high-quality development is the development that reflects the new development concept,and represents the shift of economic development from“whether”to“good or not”.In order to realize the transformation from high-speed growth to high-quality development,we must firmly grasp the primary driving force of innovation and rely on high-quality development of enterprises as the engine of innovation-driven development.

In the context of increasing uncertainties in the internal and external markets,how enterprises effectively deal with policy uncertainties to improve the resource allocation efficiency is the key to achieving high-quality development.In view of this,the book based on transitional economy background,breaks through the research dilemma of seeing only“government”but not“officials”,under the framework of political power transfer,the policy uncertainty caused by the replacement of the local municipal party secretary is taken as the starting point for the study,and the policy formulation process,inconsistent policy implementation and unpredictability of future policies are the research paths.Based on competition in the market for the adjustment factors （regional industry level and company level）,the company's investment decisions,tax aggressiveness,earnings management and cash holdings are the research objects,the book analyses the impact of policy uncertainty at this stage on the efficiency of enterprise capital allocation,and then finds the key constraints to break through the high-quality development of enterprises.The specific findings are as follows.

Firstly,it examines whether listed companies will conduct earnings management during official turnover to avoid possible policy costs in response to the impact of policy uncertainty.The results show that in the face of policy uncertainty arising from changes in local leaders,local listed companies will increase earnings management to reduce the possible future policy costs.This effect is more significant in the sample with local government political connection,low quality of local government and the final control is private.Furthermore,the influence of policy uncertainty on corporate earnings management varies with the intensity of policy uncertainty,which is more obvious in the sub-samples where the new local leaders come from other places and the former leaders are replaced abnormally.

Secondly,it examines how the changes of local municipal party secretaries affect the innovation behavior of enterprises.The results show that the policy uncertainty caused by the change of municipal party secretary will reduce the innovation efficiency of enterprises,and the number of patents of enterprises will be reduced,which has a stronger effect on political connection enterprises and the samples where the new municipal party secretary comes from other place and the municipal party secretary is replaced abnormally.Further research shows that an important way of this effect is to enhance the uncertainty of the financing environment faced by companies,reduce government subsidies and bank borrowing,and thus reduce the resources needed by enterprises for innovation.

Thirdly,from the perspective of taxation,it examines whether enterprises promote or restrain tax avoidance behaviors in the face of policy uncertainty.The empirical results show that the policy uncertainty caused by the change of regional core officials will increase the tax avoidance behavior of enterprises,and the relationship is more obvious in regions with low tax collection and management intensity.The sub-sample test shows that this relationship mainly occurs in enterprises with political connections and private ultimate property rights.Further,it examines the mechanism of policy uncertainty on corporate tax avoidance from the perspective of corporate external financing needs,and finds that the stronger the policy uncertainty is,the higher the corporate cash holdings will be,and the more significant the impact will be on enterprises with strong external financing needs.The extensive analysis found that the influence of policy uncertainty on corporate tax avoidance varies with the intensity of policy uncertainty,and it is more obvious in the sub-samples where the new local municipal party secretary comes from other place and the former municipal party secretary is replaced abnormally.

Fourthly,it investigates the influence of policy uncertainty caused by the change of core officials in prefecture-level cities on the information environment of companies.The study finds that policy uncertainty reduces the amount of company-specific information available to the market,and this effect is more significant in companies with higher levels of policy uncertainty and greater political dependence.In addition,it concludes that companies respond to policy uncertainty by reducing the amount and quality of information provided to investors.Financial analysts and information intermediaries such as media have played a regulating role in the information environment by increasing information supply during the period of policy uncertainty.However,such intermediaries cannot fully offset the net loss of market information.

Fifthly,it examines the influence of policy uncertainty caused by the change of core officials in prefecture-level cities on enterprise capital allocation.Results show that the policy uncertainty caused by the change of the municipal party secretary will reduce the capital allocation efficiency of the enterprise.The effect is more pronounced in regions with high levels of local government intervention and enterprises with political connection,and the samples where the new local municipal party secretary comes from other place and the former municipal party secretary is replaced abnormally.Policy uncertainty influence enterprise capital allocation efficiency is an important channel to reduce the content of information in the company's share price,the economic consequences is that when facing the higher policy uncertainty,enterprises reduce the investment scale,tend to give up with a positive net present value of investment projects,fail to make full use of good investment opportunity to achieve the growth of the enterprise,and reduce the company performance.

In summary,starting from the replacement of the local municipal party secretary,it studies the impact of policy uncertainty on corporate behavior,finds that the policy uncertainty leads to enhance the degree of earnings management,increase the tax avoidance of enterprises,reduce the amount of information available in the market enterprise,and reduce the allocation efficiency of the enterprise.Policy uncertainty caused by the change of officials will greatly affect the micro enterprise behavior,then in the process of marketization,how to dilute the impact of individual official factors on economic policies,and how to reduce the impact of changes in core government officials on corporate decision-making behavior,then obtaining continuous high-quality development by improving the efficiency of enterprise resource allocation,is a practical problem that needs to be solved urgently at this stage.The book provides important insight for the in-depth understanding of the impact of policy uncertainties caused by official changes on enterprises,and theoretical support for breakthroughs in resource allocation efficiency constraints,thus achieving sustained high-quality development of the enterprise.

Key Words: Policy uncertainty,Resource allocation efficiency,Corporate financial behavior,High-quality development