中文摘要：

本文以2009-2012年A股上市公司为样本,研究企业吃喝费用对投融资效率的影响。研究发现：在融资方面,平均来看,吃喝费用每提高1%,债务融资额度增加2.91%。在投资方面,上市公司的吃喝费用显著降低了企业的投资效率,对于投资不足的公司,吃喝费用每提高1%,投资不足程度增加5.89-9.76%;对于过度投资的公司,吃喝费用每提高1%,投资效率降低12.29-15.10%。公司治理在企业投资过程中的监督机制缺位,是导致投资效率低下的重要原因。本文的研究对探析后金融危机时代我国上市公司的腐败行为对企业经营的微观经济效应提供了经验证据。

英文摘要：

Using the data of Chinese listed companies from 2009 to 2012,we study how the ＂ eating and drinking corruption（ CEDC） ＂ affects the efficiency of financing and investment. We find that CEDC index increases financing amounts,on average,debt financing increases 101 million Yuan when eating and drinking expenses increase 67,000 Yuan. Further study shows that CEDC decreases investment efficiency. That is,for the under- investment firms,investment efficiency decreases 5. 89- 9. 76% when CEDC expenses increases 1%;while for the over- investment firms,the efficiency decreases 12. 29- 15. 10%. We also find that absence of corporate governance is an important factor decreases investment inefficiency. Firms can alleviate the under investment problem by increase CEDC expenses. This paper casts meaningful lights on the microeconomic effect of corruption on listed companies in the post- crisis period.