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Abstract�� Officials turnover leads to policy uncertainties, which affect corporate innovation. Using data from industrial enterprises in China from 2000 to 2013, this study adopts the method of panel Logit and panel Tobit. The findings are: 1) Officials turnover significantly decreases the level of corporate innovation; 2) The inhibitory effect is stronger when new officials are transferred from remote places; 3) The inhibitory effect is weakened when new officials and the province leaders are fellow countrymen, or when former officials are promoted. Further studies show that: The negative effect of officials turnover on corporate innovation is weakened in regions with higher degrees of marketization, in industries with more intense competition, in enterprises with fewer financial constraints and in state-owned enterprises; The negative impact of officials turnover is strengthened in the regulatory sector.

Keywords�� Officials Turnover Policy Uncertainty Enterprise Innovation New Product Output Value

�ո�� 2018-09-18; �� 2018-09-18;

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��ȫ��.��߲�ȷ��ҵ��£��ڵط��Ա��ӽǵ�ʵ֤��[J]. ��þ�γ, 2018,5: 94-100

WANG Quan-jing.Does Policy Uncertainty Inhibit Corporate Innovation? ��An Empirical Analysis Based on Local Officials Turnover[J] Economic Survey, 2018,V35(5): 94-100

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http://www.jjjw.org/CN/ �� http://www.jjjw.org/CN/Y2018/V35/I5/94

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