中文摘要：

本文基于企业外部环境的视角探究地方官员腐败对企业融资成本的影响，通过搜集2003-2013我国各省市腐败案件立案数据进行检验后发现：地区腐败程度越高，所在地区的企业负债融资成本越高，意味着我国地方官员腐败提升了企业的负债融资负担；相较于国有企业，地区腐败对民营企业负债融资成本的影响作用更显著，意味着民营企业融资受地方官员腐败的制约更大；地区腐败与股权融资成本不相关，说明我国地方官员腐败对企业股权融资成本的影响不明显。本文的研究拓展了地区腐败对企业微观层面的影响证据，同时也为企业权衡地区环境与融资决策提供有意义的参考。

英文摘要：

This paper investigates the impact of regional corruption on the cost of capital in firm. Relying on provincial-level corruption data in mainland China from 2003 to 2013, we find regional corruption has a significantly positive relationship with the cost of debt capital, and the positive relationship is stronger in non- SOEs, but regional corruption has not significantly relationship with the cost of equity capital. To some extent, listed companies＇ financing activities are influenced by the regional corruption level, especially for non-SOEs.