中共中央和国务院于2010年5月联合颁布了《关于领导干部报告个人有关事项的规定》，要求包括国企高管在内的领导干部报告本人及配偶、子女的财产状况和移民、从业等重大事项。《规定》的颁布使国企高管受到更加严格的监督，进而增加其政治风险。创新投资是失败率高、风险大的投资活动。国企高管政治风险的增加很可能使其减少高风险的创新投资，从而牺牲企业的长期发展潜力。本课题拟以《规定》的颁布为准自然实验，研究国企高管的政治风险对国企创新投资的影响及其经济后果。具体来说，本课题拟研究以下几个问题：第一，国企高管的政治风险是否会抑制国企的创新投资？第二，这种抑制效应在不同企业、行业和地区是否有显著差异？第三，这种抑制效应是否会影响国企的创新绩效和企业价值？本课题一方面在理论上从国企高管政治风险的角度拓展了国企代理问题和企业创新影响因素的相关研究，另一方面为进一步增强反腐有效性和深化国企改革提供理论依据和政策参考。

The Central Committee of Communist Party of China and the State Council jointly enacted “The Provision of the Reporting of Personal Matters by Cadres” (hereinafter referred to as The Provision) in May 2010. The Provision requires cadres, including top executives from state-owned enterprises (SOEs), to report the status of the property and other major issues such as immigration and employment of their own, spouses and children. The enactment of The Provision has put more scrutiny on top executives of SOEs. That, in turn, increases their political risks. Due to higher political risks, top management may cut down innovation investments with high failure rate and high risks, thus sacrificing the long-term development potential of SOEs. This project intends to explore the impact of political risks of SOEs’ executives on innovation investment and its economic consequences using the enactment of The Provision as quasi natural experiment. Specifically, this project tries to discuss the following questions: Firstly, will the political risks of executives curb the innovation investment of SOEs? Secondly, are there significant differences in this inhibition effect between different enterprises, industries and regions? Thirdly, does this inhibition effect affect the innovation outcomes and value of SOEs? On the one hand, the project extends the research on the agency problem and the influencing factors of corporate innovation from the perspective of the political risks of the executives of SOEs. On the other hand, it provides theoretical basis and policy reference for further enhancing the effectiveness of anti-corruption and deepening the reform of SOEs in China.